Most financial planning firms now have an artificial intelligence policy, or are thinking about introducing one, writes Gareth Fatchett, but far fewer have considered a more immediate question: what happens when an adviser copies confidential client information into a public AI tool?
Confidential information being entered into an AI tool is no longer a hypothetical risk. As AI becomes embedded in everyday working practices, employees are increasingly using it to draft suitability reports, summarise meetings, prepare client communications and assist with research. In many cases, they are doing so with the best of intentions—trying to save time and improve efficiency. The problem is that the quickest way of completing a task is not always the safest. If confidential client information finds its way into a public AI platform, firms may find themselves facing question...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- 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
