Two robo-advice tools shut down following ASIC concerns

An Australian digital advice firm has voluntarily shut down two robo-advice tools after ASIC raised concerns about conflicts and poor quality advice provided to consumers. Sydney-based financial services licensee Lime FS has announced it is shutting down its two subisdiaries Plenty Wealth and Lime Wealth, which provided automated advice to consumers on self-managed superannuation fund establishment, life insurance, budgeting and tax issues, using a proprietary algorithm. Both tools operate using algorithms and technology, without direct involvement of a human adviser. Plenty Wealth...