Global Market: UK regulator urged to consider rules for AI chatbots in financial advice

The UK Financial Conduct Authority has been urged to consider expanding its regulatory perimeter to cover AI chatbots providing financial guidance, following an independent review. The report flagged risks including concentration risk from reliance on a small group of AI and cloud providers, noting that over a quarter of UK consumers already trust AI tools like ChatGPT, Claude and Gemini for financial advice. The FCA is not obligated to implement the recommendations and will assess the matter over the next three to six months.