FCA: Boundary between regulated and unregulated AI financial advice becoming blurred

Consumers are increasingly turning to large language models (LLMs) for financial advice, with four-in-five less experienced investors aged below 40 having used AI to help with investing, FCA chief data, information and intelligence officer Jessica Rusu said in a speech today (19 October). Speaking at Bloomberg's UK Policy Series, Rusu said only 40% of those using AI for advice recognise there is no recourse if something goes wrong, adding: "Our answer is not simply to expand our remit, but to make the existing boundary clearer." With global AI spending expected to surpass $2.6trn this...