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1825 joins FCA sandbox with at-retirement robo proposition

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1825 joins FCA sandbox with at-retirement robo proposition

Standard Life Aberdeen's 1825 has joined the fourth wave of the Financial Conduct Authority (FCA) regulatory sandbox, with an automated proposition for consumers close to retirement.

The FCA revealed today 1825 was one of 29 firms to be accepted onto the next wave of the sandbox, which allows firms to test innovative products, services or business models in a live market environment.

In June last year, 1825 said it was involved in the FCA's Advice Unit, focusing on automated advice propositions in light of the financial advice market review (FAMR).

In total, 69 firms applied for the scheme, which is part of the regulator's Project Innovate, launched in 2014 to promote competition in the interest of consumers. 

1825's proposition offers plans that are 'generated by an automated advice engine that considers how to meet the needs and aspirations of consumers using their available liquid and illiquid assets'. 

There were also other propositions announced today that should interest advisers, and which will be hoping to shake up the financial services status quo.

A service called Multiply was described as 'combining financial modelling and machine learning to provide holistic financial plans with specific product recommendations directly to consumers'.

Meanwhile Zippen enables individuals to transfer and consolidate all their pensions in one place, 'delivering convenience, financial advantage or both'. 

FCA executive director of strategy and competition, Christopher Woolard, said this latest group, called cohort 4, 'has seen a large increase in the number of firms testing wholesale propositions including firms that are aiming to increase the efficiency of the capital-raising process.

'Alongside these we can see significant use of distributed ledger technology (DLT), some experimentation with cryptoassets, which will help inform our policy work, and propositions aimed at helping lower income consumers.'

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