The British financial regulator believes that a review of the regulation of large artificial intelligence models, such as ChatGPT, Claude or Gemini, is becoming necessary due to their increasing influence on consumers' financial decisions.
In a report published Monday at the request of the Financial Conduct Authority (FCA), its executive director, Sheldon Mills, warns of the risks associated with the use of these tools in the financial sector. He also emphasizes that companies' heavy reliance on a limited number of technology providers could create systemic risks.
According to this study, more than a quarter of British consumers say they trust AI assistants for financial advice. However, many are unaware that the legal protections applicable to regulated financial services do not extend to these artificial intelligence tools.
The report notes that personalized financial advice is a strictly regulated activity in the UK and can only be provided by licensed firms. AI systems are therefore expected to be limited to providing general information and advice.
Regulatory authorities in the UK and elsewhere are increasingly interested in the risks associated with the rise of AI, particularly in terms of cybersecurity, operational resilience and the use of systems capable of operating with limited human intervention.
The companies involved, including OpenAI, Anthropic and Google, did not immediately respond to the publication of this report.
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