UK FCA Official: Testing and monitoring AI deployment in financial services, calls for clear disclaimers from AI providers
Jessica Rusu, Chief Data, Information, and Intelligence Officer at the UK's Financial Conduct Authority (FCA), stated that the FCA is focused on testing, assuring, monitoring, and overseeing the deployment of AI systems in financial services. She added that six of the seven recommendations from the Mills Review have been immediately embedded into their practical work. Rusu noted that consumers are turning to large language models (LLMs) for financial information and advice, which blurs the lines between regulated and unregulated activities. The FCA calls on AI providers to help consumers understand the limitations of their models in generating financial information and advice through clear disclaimers, and will use an IOSCO TechSprint to help investors identify scams.
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