UK regulator warns of "arms race" to keep up with AI use in financial services
Regulators are in an “arms race” to keep up with the use of artificial intelligence in financial services, a senior UK official has warned, with millions of people using the technology to help them make personal finance decisions. Sheldon Mills, an executive director at the Financial Conduct Authority, told the FT the watchdog would need greater powers to stay on top of the rapid growth of AI and urged UK authorities to review whether the use of ChatGPT, Claude, Gemini, and other large language
A senior UK financial regulator has warned that supervisory agencies face an "arms race" to keep pace with artificial intelligence use in financial services, as millions of people increasingly rely on AI technology to make personal finance decisions. Research found that one in five UK adults are open to using unregulated AI models for financial decisions like savings or borrowing, despite having no regulatory protections or compensation recourse if problems occur. The regulator's report identifies both benefits, such as making sophisticated financial services more widely accessible, and risks, including potential bias, opaque pricing, and fraud amplification. The regulator is calling for greater powers to supervise major technology providers and for a formal review of whether AI models used for financial guidance should be subject to existing financial services regulations.
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Also reported by TechCrunch and Wired AI
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Also reported by TechCrunch, Wired AI and Data Center Knowledge