The FCA has revealed Standard Life’s Financial Planning arm is among firms that is has been helping to develop robo advice.

The regulator announced the names of firms who have participated in the Advice Unit.

This was established in 2016 following a recommendation from the Financial Advice Market Review to provide regulatory feedback to firms developing automated advice and discretionary investment management models.

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The Advice Unit is open to applications from firms of all sizes, whether new start-ups or large firms, provided they meet FCA eligibility criteria.

There have been two cohorts of firms who have participated in the Advice Unit so far.

Ten firms were accepted in Summer 2016:
evestor, FinEx Capital Management, HSBC, Lloyds Banking Group, Money Guidance, Mortimer Mackenzie Ltd, National Westminster Bank Plc, Nationwide Building Society, True Potential Investments, Santander

The second group of seven firms joined in early 2017:
1825 (part of the Standard Life group), Direct Life & Pension Services Limited, Investec Click & Invest, Moneyfarm, Multiply.ai, Personal Touch Financial Services Limited, WealthKernel

The FCA also announced today the expansion of the scope of the Advice Unit so it will now take in firms developing automated advice models within the mortgage, general insurance and debt advice sectors.

The Advice Unit will also now accept firms that want to provide guidance instead of regulated advice as well as firms not intending to seek authorisation.

The application process is also changing so that the Advice Unit will now be accepting applications from firms throughout the year, rather than on a cohort basis.

Christopher Woolard, executive director of strategy and competition at the FCA, said: “The Advice Unit’s initial work, including the support it has provided to firms, has shown its potential and the changes announced today present a further opportunity to widen consumer access to financial advice and guidance across a broader range of sectors.”