More than a quarter of UK consumers trust AI chatbots for money advice, according to a recent review by the Financial Conduct Authority (FCA), the UK's financial watchdog.
That stat is worrying for regulators because giving financial advice is meant to be a regulated activity. But tools like ChatGPT, Claude and Gemini are not regulated. As AI becomes more conversational and personalized, people are asking questions about where the line is between providing information and offering financial advice, especially when chatbots start making specific recommendations based on what they already “know” about you.
