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HSBC bides time on robo-advice as profits rise again

HSBC has remained quiet over potential plans to roll out its robo-advice service in the UK as the latest results show the global bank has seen profits rise.

The bank axed its tied advice service ahead of the RDR, but has since returned with the roll-out of a simplified advice service.

It then announced the launch of a new robo-advice offer called My Investment in December.

However, in annual results published this morning, the bank does not make any reference to the service or to financial advice more broadly.

Bank advice gets personal

Reports first emerged that a robo-style advice service was being looked at by the bank in 2016.

Profits at the bank rose 15.9 per cent in 2018, the results reveal this morning, while revenue was also up 5 per cent.

HSBC, which makes 75 per cent of its profits in Asia, noted that economic slowdown in China and Hong Kong had weighed on its results, with China’s trade tensions with US one of the contributing factors to problems with its economy.

Chairman Mark Tucker says: “Despite a challenging external environment in the fourth quarter, all of our global businesses delivered increased profits.”

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