Britain's financial regulator has been urged to consider bringing large language models such as ChatGPT, Claude and Gemini within its regulatory framework as their influence over consumer financial decisions continues to grow, according to a review published on Monday and reported by Reuters.
The independent review, commissioned by the Financial Conduct Authority (FCA), was led by the regulator's Executive Director, Sheldon Mills. The report recommends that the FCA assess over the next three to six months whether the regulatory perimeter should be expanded to cover AI models that increasingly shape financial decisions despite operating outside existing financial services rules.
