Is the FCA ignoring an obvious breach of the regulatory perimeter?

The Financial Conduct Authority has acknowledged that consumers are increasingly using general-purpose artificial intelligence systems to make investment and other financial decisions. It has also warned that these systems may produce misleading, inaccurate or outdated information. Nevertheless, the FCA's published position is that users of general-purpose large language models are not receiving regulated financial advice. That conclusion deserves serious scrutiny. We decided to test that proposition. We asked a selection of widely available AI models for discrete financial advice ...