UK regulator warns of “arms race” to keep up with AI use in financial services
Summary
UK regulator warns of an arms race to regulate AI in financial services as millions use the technology for personal finance decisions. The Financial Times report, based on FCA official Sheldon Mills, argues for expanded regulatory powers and closer oversight of AI providers, while highlighting risks such as bias, opaque pricing, and fraud, and recommends a rapid review and proactive regulator engagement.