Advisers need to be keeping a close eye on the rapid development of artificial intelligence (AI) as it continues to outpace regulation, according to the Personal Finance Society (PFS).
Speaking at PortfolioMetrix's AI in Financial Services webinar today (30 May), PFS director and adviser Daniel Williams cautioned about the risks associated with AI, particularly regarding consumer harm. He pointed out the rapid development of the unregulated technology might outpace any measures attempting to place boundaries on it. "We must do our bit to avoid consumer harm. We have to fact-check everything coming out of AI. If this tech is used incorrectly, it genuinely has the power to ruin lives," he warned. PortfolioMetrix business development manager Sarb Thind said he is ke...
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