View more on these topics

What advisers are saying

Editor’s comment of the week: Automation in financial services can go only so far 

The advice and technology debate seems to be driven by four factors: providers wishing to cut costs; intermediaries still wishing to “cop” commission; minimising the compliance burden; and IT providers salivating at the prospect.

But let us consider some other points. How many people complain about call centres and auto-responses? Yes, shopping at Amazon is easy, straightforward and deservedly popular but would you wish to get your legal advice online? Would you go through a divorce using only online automated advice?

Automation in financial services has a place, no doubt, but it can go only so far. The hype always makes the assumption that financial matters are simple and nothing could be further from the truth. 

The assumption is also made that automation of this type can be a supplement. It is assumed that face-to-face advice is the alternative. Not necessarily. 

Many of us have not seen some of our clients face-to-face for years. Clients may well be engaging more on a hands-on basis via technology – but not in my experience. My clients utilise me in the same way that I utilise my travel agent, accountant and solicitor. I pick up the phone (or send an email or letter), outline the problem or request and ask them to get on with it. I have a day job. Likewise with my clients.

Harry Katz



FSCS offers advisers 90% discounts in Keydata legal battle

The Financial Services Compensation Scheme is offering firms settlement discounts of up to 90 per cent in its legal battle with advisers over Keydata. In a letter to firms, seen by Money Marketing, FSCS lawyers Herbert Smith Freehills has offered firms with claims of less than £100,000 a settlement discount of 90 per cent. It […]


FOS reviews Sipp complaint upheld against Berkeley Burke

The Financial Ombudsman Service is reviewing a complaint previously upheld against Sipp operator Berkeley Burke Sipp Administration. In July, Money Marketing reported the FOS had upheld a complaint against Berkeley Burke for failing to carry out adequate due diligence on a £29,394 unregulated collective investment scheme. The complainant transferred the money from a personal pension […]


Mazars to pay £2m in fines and costs over pension fund advice failings

One of the UK’s largest accountancy firms Mazars and one of its partners will pay fines and costs totalling £2m after the Financial Reporting Council ruled it fell short of standards in respect to advice it gave trustees of the First Quench Pension Fund. This included not meeting professional standards, sharing confidential information and being […]

Steve Tolley

Sex, drugs and GDP: How the new growth measure is calculated

A new approach to measuring GDP now includes “household spending” on illegal activities like drugs and prostitution. The new method is partly the result of a new European accounting rules and include changes to how data is collected and dealt with. It also reflects payouts from defined contribution pensions and the profits of banks. But […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm