Jun 1, 2017

HSBC to roll out robo-advice for small savers

HSBC is to start offering online investment advice for thousands of UK customers with small savings pots, as high street banks re-enter the market following a string of mis-selling scandals and a regulatory clampdown. The move comes as all of the UK's high street banks are launching online advice sites - dubbed robo-advisers - having withdrawn from providing face-to-face investment advice to the masses a few years ago. The retreat followed a series of large fines on banks for mis-selling investments and tough regulations from the City watchdog in 2013 designed to clarify the cost of gaining advice. Taylan Turan, head of HSBC UK's wealth management business, said the online site was aimed at providing fast and low-cost access to investment advice that would be specifically tailored to individual requirements. HSBC still has a fleet of 550 advisers for face-to-face sessions aimed at customers with more than £50,000 and who need wider-ranging advice on issues such as tax and pension planning.

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