HSBC targets small pots with robo offering

HSBC is launching a robo-advice offering for UK customers with small investment pots by the end of the year.

The service will target customers with savings of less than £15,000, according to the Financial Times.

The online site will tailored to individuals’ needs and recommend investments from a range of risk-rated funds holding shares, bonds, or exchange-traded funds, the bank said.

HSBC will select from a line-up of internal funds as well as those managed by third parties, and will offer Isas as a tax-free wrapper.

A statement from the bank says the service will be “clearly and affordably” priced and will have online calculators to make sure charges are understood.

HSBC UK premier and wealth head Taylan Turan says: “We have significant experience in the wealth market and from talking to our customers we know that targeted, relevant and personalised online advice is what they want.”

HSBC says it will work with the FCA this year on the future of online advice regulation.