Use AI for investing at your own risk, warns watchdog

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The FCA has warned consumers on AI The financial watchdog has warned Brits using AI for investment advice that they may not be protected if things go wrong as more people turn to online chatbots.Four ...

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Over 50 per cent of 18 to 40 year olds said they trust AI tools to make decisions for them.No safety netBut the FCA has warned that people may be underestimating the risks that come with taking on unregulated advice from chatbots.Meanwhile, nearly a third thought that they could receive compensation from the Financial Services Compensation Scheme or the financial ombudsman if AI advice went wrong.But as AI falls out of the re","collect":0,"end_time":0,"defaultTopTitle":"cityam.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"VTHR":"Vanguard Russell 3000 ETF","AIPO":"Defiance AI and Power Infrastructure ETF","QTOC":"Innovator Growth Accelerated Plus ETF - October","FCA":"First Trust China AlphaDEX Fund","ARTY":"ISHARES FUTURE AI & TECH ETF","CHAT":"ROUNDHILL GENERATIVE AI & TECHNOLOGY ETF","AGIX":"通用人工智能 ETF-AGIX"},"translate_title":"监管机构警告称，使用人工智能进行投资，风险自担","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"AIPO":1.5,"VTHR":1.5,"AGIX":1.5,"ARTY":1.5,"QTOC":1.5,"FCA":1,"CHAT":1.5},"content_text":"The FCA has warned consumers on AI The financial watchdog has warned Brits using AI for investment advice that they may not be protected if things go wrong as more people turn to online chatbots.Four in five inexperienced investors admitted to using AI tools for help with their investment decision, according to the latest research from the Financial Conduct Authority (FCA).The findings come as people increasingly turn to online chatbots for help, as traditional financial advice remains out of reach for many.\n\nYoung people in particular are shunning advisers for chatbots. Over 50 per cent of 18 to 40 year olds said they trust AI tools to make decisions for them.No safety netBut the FCA has warned that people may be underestimating the risks that come with taking on unregulated advice from chatbots.\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\nThe watchdog does not regulate AI-generated financial information, but 44 per cent of Brits believed they did.\n\nMeanwhile, nearly a third thought that they could receive compensation from the Financial Services Compensation Scheme or the financial ombudsman if AI advice went wrong.But as AI falls out of the regulator’s scope it does not protect customers from potential harm caused by the technology. This includes popular chatbots such as ChatGPT and Google Gemini.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"isLaohu8Offline":false,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.47.1","shortVersion":"4.47.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2662372877","isCrawlerRequest":true}