The financial services industry must get over its “arrogance” and let clients save in a more flexible way rather than set amounts each month in a similar way to micro-savings businesses, according to the Financial Technology Research Centre (FTRC).
Speaking at the Personal Finance Society (PFS) Festival of Financial Planning 2022 yesterday (1 November), FTRC director Ian McKenna said advisers and providers needed to change and adapt to the digital world. "Competition is coming and some of it is already here. Look at micro-savings, firms like Plum, Moneybox, Chip. "We need to change. The way we collect premiums is all driven by the way advisers received commission and that hasn't existed for a decade," he said. "Our arrogance as an industry is quite amazing. We force clients to save a regular amount every month. "For the pl...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
