The UK's Financial Conduct Authority has reviewed seven robo-investment companies and found most were using outdated or insufficient information about their customers, reports the FT. Most of the services put to the test were "online discretionary investment management" companies (aka online wealth managers) which have been given complete control of the management of investment portfolios following an initial assessment. The FCA also reviewed some companies providing one-off robo-advice. It found many of the companies were unclear about their services and how their fees compared to competitors, and were failing to assess whether their investment decisions and services were suitable for clients. They were failing to ask "vital questions" about customers' debt levels, outgoings, investment knowledge and capacity for loss.