A Treasury Committee member with a background in software engineering says automated advice is an inadequate substitute for a human adviser and suggested its potential is over hyped.

The FCA has hit five banks with fines totalling £1.114bn for failing to control business practices in their spot foreign exchange (FX) trading operations.

The advice gap appears to have been lifted up the list of priorities for the industry, an IFP board director says, after FCA chiefs were grilled by MPs this week.

A Treasury Committee member has questioned FCA chiefs this morning over how they expect the problem of potentially 16 million people falling through the so called advice gap to be solved.