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The UK Treasury and City watchdog have set out new rules aimed at “robo advisers” in the latest update on their attempt to make financial advice more widely available.

The proposed rules aim to free online providers from having to comply with the heavier regulation associated with traditional face-to-face financial advice.

Last year, the authorities issued a review of the market following concerns over the high cost and accessibility of advice.

The report notes that one in five people could not read a bank statement while around half of those surveyed thought pensions were difficult to understand.

People now have three months to offer the regulator feedback on the new rules.

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