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UK pension pots should be app-friendly, real-time: survey

[LONDON] More than two-thirds of affluent consumers want to be able to actively manage how their pension is invested on their smartphones, a survey for one of the leaders of the new generation of retail trading platforms showed on Tuesday.

The survey, by UK pollster YouGov for Denmark's Saxo Bank, showed over 50 per cent of respondents wanted more transparency on their investments and nearly 70 per cent would like pensions performance to be available real time and on the go.

Nearly 20 per cent of the 300 UK retail investors queried said they did not know where their pension pot was being invested. "People are taking control of their investments and our survey shows that the numbers could be even greater, with 44 per cent of investors believing easier access to trading will make them save and invest more," Saxo vice president Matteo Cassina said. "We are at a tipping point of a digital wealth management revolution that will find most retail and private banks unprepared." Retail trading platforms like Saxo, IG or CMC, some of which stem from or are still connected to online betting businesses, are steadily becoming a larger chunk of modern financial infrastructure.

In currencies alone, industry surveys suggest the sector as a whole trades around US$4-5 trillion a month, around 3 per cent of the global market in foreign exchange and making it an important feeder of liquidity for banks and other big players.