Banks warned of legal risks stemming from robo-advice
Banks are being exposed to legal risks thanks to the increase of automated advice in financial services, three European regulators warned. A joint committee of European supervisory authorities including the European Banking Authority, the European Insurance and Occupational Pension Authority, and the European Securities and Markets Authority warned that faulty services and unclear liabilities led to a higher risk of legal disputes and subsequent reputational damage.
By Richard Crump (December 19, 2016, 4:15 PM GMT) -- The rise of automation in financial services is exposing banks to greater risk of legal disputes and reputational damage because of faulty services and unclear allocation of liabilities, a group of three European regulators warned late Friday....

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