The Financial Conduct Authority has found “worryingly” high levels of mistrust of robo-advice among consumers.

The FCA surveyed 1800 people in the UK, who were presented with hypothetical situations in which someone has been offered investment advice from a robo-adviser.

In an overall majority of decisions – 57 percent – the robo-advice offered was rejected.

Individuals were also assessed for the financial literacy and a range of other personal factors, including loss aversion, key personality traits and standardised measures of trust in corporations, banks and other people.

The quality of th...