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Regulators are in an “arms race” to continue using artificial intelligence in finance, a UK executive has warned, with millions of people using the technology to help them make financial decisions.
Sheldon Mills, who is the head of the Financial Conduct Authority, told the FT that the regulator will need greater powers to stay on top of the rapid growth of AI and urged the UK authorities to review whether the use of ChatGPT, Claude, Gemini, and other large examples of language should be subject to their laws.
Speaking before the publication on Monday of a report ordered by the FCA that he wrote on the effects of AI in financial services, Mills said that the authorities in this area must accept AI in order to adapt to the “speed, speed, and magnitude of change” technology is bringing to the sector and help to “monitor, identify, and deal with risks.”
