Britain Considers Regulating Artificial Intelligence in the Financial Sector

Britain's financial regulator is planning to review the rules governing the use of artificial intelligence. The reason is that an increasing number of people are using systems such as ChatGPT, Claude, and Gemini when making financial decisions.

The UK Financial Conduct Authority (FCA) is considering whether existing regulations should be extended to AI models that provide consumers with information or recommendations on financial matters. According to the agency, many users are unaware that these services are not covered by the legal protections that apply to regulated financial services.

According to research, 81% of financial companies worldwide already use artificial intelligence, with 40% of them at a more advanced stage of technology implementation. In the UK, AI is increasingly being used in customer service, complaint handling, and the preparation of investment recommendations.

The FCA is also drawing attention to potential risks. The regulator believes that if the financial sector becomes overly dependent on a few major technology companies, this could affect the stability of the entire system. For this reason, the agency will decide over the next 3-6 months whether to extend new regulations to artificial intelligence models that currently operate outside the scope of financial supervision.

Source: Investing.com