Industry must get over 'arrogance' to allow savings flexibility

Advice firms must 'think digital first' to survive and thrive

Jenna Brown
clock • 2 min read

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...

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