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The AMF says no to robo-advisors

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At the 18th annual Insurance and Investment Convention in Montreal last week, the Autorité des marchés financiers (AMF) made a point of answering questions from advisors. The AMF’s CEO Louis Morisset and superintendent Eric Stevenson were joined by Michel Bergeron from Ernst & Young (E&Y) in a panel discussion on regulatory reforms.

Not surprisingly, most of the questions were related to the sale of insurance products over the internet. Louis Morisset reiterated the AMF’s position on the matter: “At first glance, the products that insurers are contemplating are not particularly complex. I think simple products can be sold on the internet,” he said. “The Internet will not replace advice. So we will be targeting specific products where advice is not required.”

As for Eric Stevenson, he wished to emphasize that the AMF will not allow automated advice provided by robo advisors.

Read full article here.

Mathieu Carbasse Insurance & Investment Journal – November. 23, 2015.

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