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...
‘Important to have an anchor’
Report to be written by TPR
Lack of innovation for solutions
Some 2,000 consumers affected