More than half of advisers are testing AI and regtech

AI viewed as both an opportunity and risk by compliance officers

Isabel Baxter
clock • 2 min read

More than half (53%) of financial advice firms are testing and trialling artificial intelligence (AI) and regtech, Model Office has found.

The regtech firm's latest advice industry benchmark report revealed that 53% of financial advice firms surveyed are testing and trialling AI and regtech, but are spending 66% of their time on business, compliance, and staff development needs and only 34% on client meetings. Model Office's research also found that AI is viewed as both an opportunity and a risk by compliance officers. Between seven and 18 hours a week is being spent on governance, risk and compliance activity, Model Office found. The average firm is spending 13 hours a week on compliance activities (more than two months...

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