Britain to foster 'robo' financial advice to cut costs for consumer

The logo of the new Financial Conduct Authority (FCA) is seen at the agency's headquarters in the Canary Wharf business district of London April 1, 2013. REUTERS/Chris Helgren

LONDON: Britain's financial regulator wants to encourage the availability of automated, or "robo", financial advice, already common in the United States, to cut the cost of such advice for less well-off consumers. 

The Financial Conduct Authority (FCA) and the Treasury said on March 14 there was a "clear need" for regulatory intervention to reduce the cost of financial advice and make it more accessible.