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

Posted by timothy on Wednesday March 16, 2016 @02:22AM 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.

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Re:How are they going to justify MER? by __aaclcg7560 · 2016-03-16 02:43 · 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.