FSE Midlands: Robots could give more unbiased advice than humans, says FCA
The FCA’s mortgage sector manager Lynda Blackwell reckons robo-advice could become more unbiased than human advice.
Blackwell was speaking at the first ever Financial Services Expo Midlands event in Coventry at the Ricoh Arena.
She said: “There is a view that robo-advice will impact on intermediaries.
“We could get to a point where a machine could make an unbiased lending decision in a way that humans are not able to.”
The mortgage market has seen a range of so-called ‘disruptors’ enter the market with the ambition to streamline the advice process.
Habito launched in September claiming to be the world’s first artificially intelligent mortgage adviser, while last year Trussle launched, claiming to be the UK’s first online mortgage adviser.