Could AI be the answer to making pensions intelligible for all?

'Not about dumbing down'

clock • 4 min read

Harnessing the power of LLMs like ChatGPT could provide a simple method to meet Consumer Duty requirements, writes Paul Muir

The Financial Conduct Authority's (FCA) Consumer Duty regulation demands that consumers understand the pension communications they are sent, regardless of their background or literacy level. This is so consumers can understand their pension options to make timely and informed decisions.   Consumer Duty regulation feels like a no-brainer – of course, the recipient of financial communication should be able to understand what is in front of them. There is, however, a key problem with it: what is intelligible to one may not be intelligible to another. In a world that combines diverse lit...

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