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.
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