Advice firms 'not at all' prepared for AI compliance activities

‘AI opens up a number of new compliance challenges’

Isabel Baxter
clock • 1 min read

The majority of advice firms are not prepared for artificial intelligence (AI) related compliance activities, NextWealth has found.

In its AI Index report released today (23 May), the firm noted that the use of AI opens several new compliance challenges including general data protection regulation, AI ethics and the compliance with Information Commissioner's Office rules. When asked about specific governance policies, readiness from advisers dropped further. The research found that 47% are ‘not at all' prepared for general AI policy or strategy, 26% are ‘slightly' prepared, whilst 9% said ‘somewhat' and 18% are fully prepared. When it comes to a clear guideline to AI implementation, 41% are not at all prepared,...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Technology

Scenario planning: Lessons from the CrowdStrike outage

Scenario planning: Lessons from the CrowdStrike outage

How can we prepare for potential similar outages in the future?

Ollie Dent
clock 07 October 2024 • 4 min read
Real-time evaluation: Let AI be your portfolio's personal trainer

Real-time evaluation: Let AI be your portfolio's personal trainer

Technology is transforming the landscape of portfolio management

Tony WIlkinson
clock 03 October 2024 • 3 min read
AI scepticism among the financial advice industry declines

AI scepticism among the financial advice industry declines

One third of advice professionals are using AI in their businesses

Isabel Baxter
clock 20 September 2024 • 1 min read