Support for automated models

If you’re developing an automated advice or guidance model, find out more about some of the firms we’ve previously supported and how Innovation Pathways can support you.

Innovation Pathways supports firms that are developing automated advice and guidance models across a range of sectors. These include incumbent banks and insurers, as well as challenger firms that are new to the market. It incorporates the Advice Unit and Direct Support into one service, improving our ability to support firms. This includes: 

  • helping businesses to understand our regulatory regime
  • supporting firms serving gaps in the advice market, identified by the Financial Advice Market Review

We continue to provide regulatory feedback to firms developing automated models to deliver lower cost advice and guidance to consumers. 

Apply to Innovation Pathways

If you’re developing an automated model, read our existing rules and guidance to check whether your question has been covered. 

If you’re unsure if you would qualify for support, then please get in touch. We’re happy to discuss potential applications and answer questions about how we support firms: 

We also hold regular support sessions on how to complete an effective application form. To sign up, please email Innovation Pathways Application Support

Please note, we can’t use these sessions to discuss your innovation, or to answer any regulatory questions.

Apply for authorisation

If you’re developing an automated advice model and looking to apply for authorisation, we’ve produced a guide of key themes to consider before submitting your application.

Read our authorisation guide (PDF)

You can also find more details about the authorisation process on our how to apply for authorisation page.

Firms we’ve supported

We’ve supported a range of firms that are developing advice and guidance models. Some examples of these models are given below. 

Investing
All Motions All Motions uses artificial intelligence to help investors generate competitive returns from ethical investment while providing financial support to NGOs.
Bridgeweave Ltd A model that uses AI to provide voice-powered financial and pension guidance. The guidance will help consumers understand pensions and basic financial planning topics through conversational voice or message chat.
Finley AI A model that uses artificial intelligence, machine learning and cognitive profiles to provide personalised insights for individual investors, investment advisors and portfolio managers.
HSBC UK An automated online advice service that offers consumers regulated advice for a fixed advice fee.
Lloyds Bank Will provide direct-to-customer digital investment advice.
Nationwide Automated solution providing investment advice.
Nutmeg Saving & Investment Ltd Developing new distribution channels to increase access to the firm’s existing investment management service.
National Westminster Bank Plc An automated online advice service that offers consumers regulated advice for a fixed advice fee.
Santander An automated online advice service that offers consumers regulated advice for a fixed fee. Features a chat-bot with gamified elements.

 

Insurance  
Bello Automated life insurance guidance model that is smart and simple.
Coverbrain Developing a platform to provide consumers with personalised digital advice for life insurance, critical illness insurance and income protection products.

 

Debt  
Angel Advance Limited Automated platform that provides debt advice to consumers, including money management and financial capability tools.
Gregory Pennington Limited, part of the Financial Wellness Group Developing an automated debt advice model to support retail consumers, including provision of digital financial wellness services.

 

Retirement  
HUB Financial Solutions Limited Will provide direct-to-consumer automated retirement advice service.
Smart Pensions A guided workplace pension proposition, built around the individual, that produces an income in retirement that is both flexible and secure, using behavioural economics.
1825 (part of Standard Life group) Automated advice proposition generating plans for consumers that are close to retirement. An automated advice engine considers how to meet the needs and aspirations of consumers using their available liquid and illiquid assets.

 

Mortgages  
Koodoo Developing a model to enable automated end-to-end online mortgage journeys.
Molo Tech Ltd Developing a fully digital, direct-to-consumer mortgage lending platform.

 

Technology firms
Advantra Wealth Developing a b2b digital platform for banks and wealth managers. The model is designed for both end client and financial advisers and incorporates client profiling. This includes wealth planning, risk profiling and financial literacy assessment.