Danish FSA warns banks over robo-advisors

Although banks are generally using investment bots sensibly, they need to ensure that client aptitude assessments are done right, says the Danish FSA. Five of the six banks investigated received edicts.

Photo: Lars Krabbe/IND

The Danish FSA (Finanstilsynet) have investigated robo-advisors at six banks, leading them to issue edicts to five of them and provide a general reminder to the market.

Although the inspection generally found that bot usage is satisfactory, banks need to be better at controlling client aptitude tests and demands, the authority writes on its website.

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