Robert Gill on ‘Robo-advice is what brokers should be doing anyway’ – Jeremy Duncombe
These two services will be great for the industry, give the technology providers a shot in the arm. I can’t believe that Trigold and Mortgage Brain look exactly the same as they did 15 years ago. Some of my clients would complete an online fact find similar to Habito and Trussle, some wouldn’t, but it would be nice to offer the option.
Joe Black on ‘Robo-advice is what brokers should be doing anyway’ – Jeremy Duncombe
I agree with Mr Gill. The headlines are sexy but we are nowhere near a full robo advice situation. The interesting bit about this, when it comes down to it, is that the FCA wants to push robo service. The problem for robo providers is not the FCA, its FOS. When it come to a complaint, FOS are no longer just looking at FCA rules. Its the total suitability of the product. In most cases, that comes down to FOS’s human opinion on the day which is variable and not cast in stone. Not a good mix that.
Mike Shakespeare on FCA consults on separate equity release qualification
Later life advice is a specialist area and equity release is not always the answer. An equity release only adviser will only advise on one of these products and it is naive to think they would advise other options and walk away.
Andy Wilson on Habito launches ‘human-free’ mortgage advice service
A system that stores the lending criteria of every lender would be quite an achievement. I wonder if it could accurately place a ‘my house used to be a farm and has 9 acres of land which are mainly grass but sometimes we graze sheep on it’ or, ‘I sometimes park my lorry on the drive and unload stuff into the garage at night’ or, ‘it’s timber framed but actually built of 12″ circumference logs and it’s on the bank of the Thames and worth £800,000 and I only want £60,000 on mortgage’ or, ‘my cottage has two kitchens because in the old days the owners had servants’ – all enquiries I have had lately.
