Robots and responsibility

While automated advice does seem to be reaching the millennials in a muted way, it is in fact reaching forty-somethings who could probably afford face-to-face advice with a big opportunity in the area of DC pensions.

Automated advice, said the report, offered opportunities to engage people more with their pensions, either through regular alerts or using visual tools, assisted by the pensions dashboard, a pilot of which launched in March.

Keith Churchouse of Chapters Financial based in Surrey, said: "I think the debate over advice and guidance is a conundrum that is going to roll on for a couple of years. There's an issue of the DIY client who wants to keep costs as low as possible, and there's the other client who wants to keep costs as low as possible and can't determine the difference between advice and guidance.

Ir's going to be a long game on this one but I think the public will guide us as well."

Melanie Tringham is features editor of Financial Adviser