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RBS Cuts Hundreds of Jobs As FCA Approves 'Robo-Advisers' (thestack.com)

Posted by timothy on from the it-puts-the-money-in-the-basket dept.

An anonymous reader writes: Royal Bank of Scotland (RBS) has announced that it will be switching customer advice services over to automated 'robo-advisers' as it cuts 220 face-to-face positions. Given the green light from UK regulator, the Financial Conduct Authority (FCA) this week, the bank agreed that the move would lead to cheaper, more accessible financial advice. Those customers qualifying for personalised advice will now need to have at least £250,000 (approx. $350,000) to invest. Following the FCA's recommendations, it is expected that other UK banks will soon introduce similar 'robo' services.

3 of 78 comments (clear)

  1. It's about time we realize by iserlohn · · Score: 4, Insightful

    Blind allegiance to profit is causing society's downfall.

    --
    :. Ultimate Control Dedicated/VM Servers
  2. Re:Funny thing by BarbaraHudson · · Score: 3, Insightful

    The human advisers have no skin in the game - they make money whether you do or not. At least with a robo-adviser, you'll pay less in fees.

    --
    "Transparent" is a shit show that trades on every stereotype going. A man in drag is NOT a transsexual.
  3. Thin end of the wedge by Coisiche · · Score: 3, Insightful

    Next up, perhaps, "robo-lawyers". Just for the poor people, obviously. There will be a minimum threshold to qualify for human lawyers as we diverge further into there being "one law for the rich".

    There will be a minimum financial threshold for more and more things. "Doctor" Watson for the poor, human doctors for the rich, etc.