CMA admits FourFront Management to the Regulatory Sandbox
The Capital Markets Authority(CMA) has announced the admission of FourFront Management Limited to the Regulatory Sandbox.
This brings the total number of firms admitted to the live-testing environment for capital market innovation to seven.
Fourfront Management Limited has proposed to test a robo-advisory solution that will collect information from its clients about their financial situation and future goals through an online survey.The data collected will then be used to give the clients financial advice and automatically invest in their assets. The robo-advisory solution is targeting 100 clients for a four months period.
Mr Wyckliffe Shamiah the CMA acting Chief Executive, said that the admission of fourfront will build their capacity as regulators to respond to the impact of new technologies in the capital market hence be able to support them.
Fourfront will be required to provide periodic reports to the Authority on the implementation of its test plans, the achievements accomplished as well as the risk and challenges faced during the testing before the end of their testing period.