Fintech expert calls for urgent reform of '20th century FOS'

Carmen Reichman
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The Financial Ombudsman Service needs to be reformed if robo-advice is to stand a chance of flourishing in the UK, a technology expert has told the regulator.

Finance & Technology Research Centre director Ian McKenna said the ombudsman was operating a "20th century mandate in the 21st century" and "desperately" needs to be reformed to allow low cost advice solutions to enter the UK market. He told delegates at the FCA's second robo-advice exploration day the only thing preventing its growth in the UK market is stringent regulatory standards around consumer protection. Earlier FCA director of policy David Geale told the audience he didn't see anything in the US robo-advice market "we can't do over here now". He said he saw an opportunity ...

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