Finally, a regulator is ahead of the curve on AI

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More and more Brits are investing thanks to AI, so the FCA’s proposal to embrace that makes complete sense, writes Carl HazeleyFinally, a regulator ahead of the curveThe FCA published the Mills Review...

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It’s quite possibly the smartest government review I’ve read. That doesn’t mean it’s perfect.The worst thing a great review like this can do is stall at the point of diagnosis. In this case, the output has to keep up with the pace of change.The review says AI will transform financial services by 2030, but it is already happening. New Finimize data from our quarterly Pulse report shows 40 per cent of investors already use AI for investment research at least weekly, with the UK well ahead of the US.","collect":0,"end_time":0,"defaultTopTitle":"cityam.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"VTHR":"Vanguard Russell 3000 ETF","AGIX":"通用人工智能 ETF-AGIX","CHAT":"ROUNDHILL GENERATIVE AI & TECHNOLOGY ETF","ARTY":"ISHARES FUTURE AI & TECH ETF","QTOC":"Innovator Growth Accelerated Plus ETF - October","AIPO":"Defiance AI and Power Infrastructure ETF"},"translate_title":"最后，监管机构在人工智能领域处于领先地位","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"AIPO":1.5,"QTOC":1.5,"CHAT":1.5,"ARTY":1.5,"VTHR":1.5,"AGIX":1.5},"content_text":"More and more Brits are investing thanks to AI, so the FCA’s proposal to embrace that makes complete sense, writes Carl HazeleyFinally, a regulator ahead of the curveThe FCA published the Mills Review this week, the first attempt by any regulator anywhere to map what AI will do to retail financial services. It’s quite possibly the smartest government review I’ve read. That doesn’t mean it’s perfect. The worst thing a great review like this can do is stall at the point of diagnosis. In this case, the output has to keep up with the pace of change.The review says AI will transform financial services by 2030, but it is already happening. New Finimize data from our quarterly Pulse report shows 40 per cent of investors already use AI for investment research at least weekly, with the UK well ahead of the US.\n\nThe review’s own headline finding is that a fifth of UK consumers, some 11m adults, would let AI act autonomously on their finances. For an industry that has failed to build trust with everyday people, that’s perhaps the starkest warning: people trust a chatbot more than they trust institutions.\n\n\n\n\n\n\nNews Updates\nStay ahead with our three daily briefings delivering all the key market moves, top business and political stories, and incisive analysis straight to your inbox.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nOf course we need guardrails, and the review asks sensible questions on impressive timelines, asking whether AI tools offering financial guidance should be brought inside the FCA’s remit within months, not years. The interesting thing for me was that it also identifies the opportunity.Britain has spent years trying to get more people investing – this year with some gusto in the shape of a furry mascot, but so far, without much to show for it. \n\nNow people are asking an AI agent questions they feel silly saying out loud, or would never pay an adviser to answer – and just like that, another barrier has been removed.When we asked new investors why they started: 6.2 per cent said AI was the catalyst. 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