Several of the UK's biggest banks are preparing to offer types of automated advice - known as robo-advice - in a bid to reconnect with lower value mass market customers they spurned following the Retail Distribution Review (RDR).
Royal Bank of Scotland, Lloyds and Santander UK, are developing their online advice offering, with the first to launch within the next two months, according to the Financial Times. The advice would ask customers basic questions and suggest how much should be invested, the bank would then implement the investment in return for a fee. The banks' rekindling of interest in the advice market is a defensive response to the rapid growth of specialist robo-advice providers, such as Nutmeg in the UK and Betterment in the US, according to the FT. It follows the Financial Conduct Authority's ...
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