Three of the UK’s largest robo-advisers have called on the country’s main financial watchdog to regulate bitcoin and other cryptocurrencies, saying they are creating an unlevel playing field for wealth managers.

Senior managers at Wealthify, Nutmeg and Scalable Capital — backed by Aviva, Schroders and BlackRock, respectively — have warned that consumers could be at risk of losing vast amounts of money in the unregulated and volatile crypto market, if the UK’s Financial Conduct Authority does not step in soon.