Building the future of finance in the age of AI
By FCA
AI summary of the source article
The FCA is immediately embedding six of seven Mills Review recommendations into live work regarding AI in finance. The regulator is focusing on testing and surveillance while calling on AI providers to present clear disclaimers to consumers seeking financial advice.
Why it matters
The transition to AI "can significantly widen access to financial tools and information. But it can also blur the boundary between regulated and unregulated activity, and the protections consumers receive."
Key facts
- The FCA is embedding six of seven recommendations from the Mills Review directly into live work.
- Four in five less-experienced investors aged 18 to 40 have used AI for investing, yet only 40% know they lack recourse if something goes wrong.
- The regulator is calling on AI providers to deliver clear, proportionate, and consistent disclaimers on AI-generated financial information.
Source excerpt · FCA
Jessica Rusu, FCA chief data, information and intelligence officerat Bloomberg's UK Policy Series. The Mills ReviewThat is why we commissioned the Mills Review, published in July, focused on how AI could reshape retail financial services by 2030.Some developments we anticipated are already emerging, including the transition towards agentic finance, such as the launch of Meta’s Muse.Our response to…