Our client developed a platform that would use open banking to obtain their client’s information from different sources and aggregate it. Through the platform the client could insert future goals and the required future wealth as well as interim savings and investment measures would be automatically calculated.
We assisted by drafting the Terms & Conditions in such a way that made it clear that investment advice was not being provided. We also liaised with the FCA in order to answer questions in relation with the offering and how that related to the T&Cs. The main challenge on this case was the timing as we had 2 days before the FCA caseworker required the final T&Cs.