Bridgeweave joins the FCA Advice Unit
Date: July 2019
London, UK – Bridgeweave is delighted to announce that it has been selected to join the FCA Advice Unit. As one of a handful of chosen firms in the Advice Unit, Bridgeweave will test its services that use artificial intelligence, machine learning and cognitive profiles to provide personalised insights for individual investors, investment advisors and portfolio managers.
The FCA Innovate program encourages innovation in the interest of consumers. It seeks to help innovative firms operate in a regulatory context. The Advice Unit is a key part of this and provides regulatory feedback to firms developing automated models to deliver lower cost advice and guidance to consumers.
Bridgeweave Founder and Executive Chairman, Akshaya Bhargava commented, “The wealth sector is facing a period of transition which it is ill-equiped to deal with. With a $30 trillion wealth transfer on the horizon, many traditional businesses must offer more choice, lower cost, digitally enabled, transparent products in order to succeed. New technologies can enable this and we find the FCA Advice Unit to be an excellent mechanism for fostering innovation within a proper regulatory framework.
Bruce Keith, CEO at Bridgeweave noted, “Our ready made solutions use the latest technology and we are very proud to be working with the FCA Advice Unit. We will continue to use AI to help drive innovation in the wealth and asset management markets.”
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About Bridgeweave: Based in London, Bridgeweave was founded by Akshaya Bhargava, the former CEO of Barclays Wealth and Investments and Manoj Saxena, former GM of IBM Watson. It was founded on the premise that AI is a transformational technology that can create a new set of front office capabilities in wealth and asset management, completely transforming customer experiences. Using big data, quantitative algorithms and machine learning models along with its behavioural Personalisation engine, Bridgeweave aims to democratise quant data and generate intelligent signals that are individually tailored for investors and advisors.
About the FCA Advice Unit: The FCA launched Project Innovate in October 2014 and now have a team working across all its innovation services, including the Advice Unit. The Advice Unit has accepted 40 firms and there are currently 35 active participants.