ESA Joint Committee report on automation in financial advice

On 5 September 2018, the Joint Committee of the European Supervisory Authorities (comprised of ESMA, EBA and EOPA) published a report on the results of their monitoring exercise on ‘automation in financial advice’ (the Report). The Report follows the Joint Committee’s 2015 discussion paper on automation in financial advice, and their 2016 report on the same topic. The Report presents an analysis of surveys conducted with national competent authorities (NCAs) on the evolution of automation in financial advice in the securities, banking and insurance sectors over the past two years. Section A of the Report summarises the recent work of each European Supervisory Authority in the field of automation and financial advice. Section B sets out the main results of the monitoring exercise. The key findings of the Report are as follows: whilst automation in financial advice seems to be slowly growing, the overall number of firms and customers involved is limited; the…

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