The evolution and impact of regulation on shaping automated advice services in financial markets

Wilczopolska, Paula Patrycja (2026) The evolution and impact of regulation on shaping automated advice services in financial markets. PhD thesis, University of Glasgow.

Abstract

The rapid technological changes in financial markets and the rise of robo-advice services have revolutionised the personal investment advice landscape, with the rise of AI playing a crucial part. This thesis examines how regulation has responded to innovation, with a focus on automated advice services in particular. It can be said that what was is the foundation, what is now the transition, and what will be is the evolution into a new future. It is therefore crucial to understand the evolution of financial regulation in the United Kingdom (“UK”) from the perspective of financial advice and its impact on shaping the regulation of robo-advice services. The thesis explores the relationship between current regulation and innovation. The research uses a mixed-method methodology approach, with a focus on a review of UK regulatory frameworks, an analysis of the financial industry’s adaptation to new technology, and an examination of AI-driven systems used in robo-advice services. The findings reveal that while the UK’s regulatory framework has adapted to the introduction of new technologies, it also presents challenges following their rapid proliferation. The principle of technological neutrality opened the possibility of creating more innovative financial markets. However, following a rapid increase in innovations and a lack of specific AI regulations, questions have been raised about the long-term impact on market stability and consumer protection. The balance between innovation and regulation in robo-advice needs to be closely watched by regulators to minimise possible risks that may arise. The UK’s leading role in FinTech makes it a case-study that is of relevance globally as well as nationally. The thesis concludes that the evolution of financial regulation and its role have played a crucial part in shaping the structure and operation of robo-advisors. The research also highlights the need for further regulatory adaptation with a key focus on AI principles.

• Item Type: Thesis (PhD)
• Keywords: Robo-advisors, financial regulation, automated advice services, AI, technology neutrality, UK financial markets, consumer protection.
• Subjects: H Social Sciences > HG Finance
• Colleges/Schools: College of Social Sciences > School of Law
• Supervisor's Name: MacNeil, Professor Iain and Zhang, Dr. Chi
• Date of Award: 2026
• Depositing User: Theses Team
• Unique ID: glathesis:2026-85948
• Copyright: Copyright of this thesis is held by the author.
• Date Deposited: 21 May 2026 13:35
• Last Modified: 21 May 2026 13:45
• Thesis DOI: 10.5525/gla.thesis.85948
• URI: https://theses.gla.ac.uk/id/eprint/85948