4 October 2016
The penetration of technology in the financial services sector, or what is now commonly referred to as "Fintech", is transforming the business models of Australian Financial Services (AFS) licensees who offer traditional financial product advice. AFS licensees are now designing algorithms as a means to providing financial advice ('digital advice'), which requires no direct involvement by human advisors. Digital advice can have cost benefits and makes professional financial advice more readily accessible by investors.To assist providers of digital advice operating in Australia, the Australian Securities and Investments Commission has published Regulatory Guide 255 − Providing digital financial advice to retail clients (RG 255).
The Robo Cop of Robo-Advice