British Watchdog Wants To Regulate AI Models Giving Financial Advise. Millions Are Already Doing It.

The executive director of consumers and competition at the FCA said the government should examine whether general-purpose large language models should fall within the country's regulatory framework. (Credit: Kirill Kudryavtsev/AFP via Getty Images)

Britain should consider bringing the world's most powerful artificial intelligence models under regulatory oversight as consumers increasingly rely on tools such as ChatGPT, Claude and Gemini for financial decisions, according to a new review led by a senior official at the UK's Financial Conduct Authority (FCA).

The recommendation comes from Sheldon Mills, executive director of consumers and competition at the FCA, who said the government should "consider securing and adapting the regulatory perimeter for AI-mediated retail financial services by launching a review into the scale, nature and impact of general-purpose LLMs outside the perimeter."