FI’s view on automated investment advice

It is likely that automated services will play a greater role on the financial market. Finansinspektionen (FI) views an online market with simplified investment advice as a step in the right direction in terms of achieving an independent market for investment advice that reaches a wide number of consumers.

FI therefore takes a positive stance to the developments that are occurring, but would like to emphasise that it is the interests of the client that must remain at the centre of these developments.

The background to this memorandum is the FI Forum about automated investment advice held on 2016-12-14 in Stockholm. The forum can be viewed as webcast (in Swedish): Automatiserad rådgivning.

The memorandum is a summary of FI's view on several aspects related to automated investment advice. However, automated financial services are undergoing rapid development. FI therefore reserves the right to potentially modify its opinions in this area.

The EU supervisory authorities, EBA, ESMA and EIOPA, published a joint report in December 2016 on automated financial advice. As described by FI in this memorandum, the report determines that automated advice may improve access to investment advice, but there are still risks that need to be managed, such as risks resulting from errors or limitations in the advisory tools.

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