ESAs find limited growth in automated financial advice

Industry News | 06/09/18

The European Supervisory Authorities (ESAs)—the European Banking Authority, the European Insurance and Occupational Pensions Authority, and the European Securities and Markets Authority—have published the results of their monitoring exercise on automation in financial advice. The report shows that while automation in financial advice is slowly growing, the overall number of firms and customers involved is still quite limited. As the identified risks have not materialised and considering the limited growth of the phenomenon, the ESAs believe that no immediate action is necessary.