FCA: Willingness to pay for robo-advice outweighs benefits
- On September 1, 2022
- By GrowthInvest Marketing
The Financial Conduct Authority has found the average willingness of a borrower to pay for robo-advice on their loan is higher than the monetary benefits such advice offers.
In a paper published today (August 30), the City watchdog said 22.8 per cent of 3,423 adults it surveyed ended up receiving paid robo-advice recommendations, but the average willingness to pay within this group was 60.1 per cent.
“This result confirms that, on average, users who were asked to provide a value for the robo-advising tool in our setting valued it more than the monetary benefits that the robo-adviser actually provided,” the regulator explained.
GET IN TOUCH!
CALL US020 7071 3945
FOLLOW US ON
Throughout our site you will find links to external websites. Although we make every effort to ensure these links are accurate, up to date and relevant, we cannot take responsibility for pages maintained by external providers.