Speaking to Professional Adviser, Financial Conduct Authority head of consumer investments Sara Woodroffe stressed the regulator would not be advocating for legislative change around AI despite its risks.
Woodroffe stated: "Instead, what we're doing and we're really focused on is consumer understanding." The decision to focus on consumer understanding, according to the regulator, was based on research published earlier this year which revealed almost half of respondents (44%) to a survey believed AI-generated financial information is regulated. As well as focusing of consumer understanding, the FCA has urged AI providers to have "clear and consistent disclosures about what is and what isn't regulated". "That is the appropriate proportionate response," Woodroffe claimed. Social m...
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