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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:How are they going to justify MER? by __aaclcg7560 · · Score: 5, Funny

    Majority of people are financially illustrate [...]

    I'm sure the new robo advisors will provide crayons for customers to draw pictures while their pockets are picked clean.

  3. Income inequality growth related by millertym · · Score: 4, Interesting

    Outside of the just the concern about robotic systems replacing formerly human jobs is the expanded conversation about growth in income inequality. You know the board of directors aren't going to AI themselves out of their jobs. At least not before everyone else is. Which means all that same corporate profit is funneling to fewer and fewer people.

    If there is going to be a serious discussion about how to try to keep free, modern cultures in a healthy state in relation to income inequality, then automation needs to be a part of that discussion.