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FMA keen to see personalised robo-advice enabled in New Zealand sooner than the law would otherwise allow

Friday 21 Jul 17 3:02pm
Interest.co.nz: By the end of the year, you may be able to plug in information about your financial situation to an approved computer programme, and have personalised advice spouted back out at you.

The Financial Markets Authority (FMA) is proposing to use its powers to enable firms to provide personalised robo-advice at least a year before a pending law change is expected to allow this.

 





The regulator is seeking feedback on a consultation paper that explains how it could make a class exemption for personalised computer or algorithm-generated advice under the current law.

The issue is that under the Financial Advisers Act 2008, advice that takes an individual's financial situation or goals into account, can only be given by “a natural person". Only “class” robo-advice, or generic recommendations based on characteristics such as age and risk profile, is allowed. MORE>


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