FCA Calls on AI Providers to Add Disclaimers to Financial Advice

The UK Financial Conduct Authority (FCA) is calling on AI providers to help consumers understand the limits of financial information and advice from their models through clear, proportionate and consistent disclaimers, chief data, information and intelligence officer Jessica Rusu said in a speech. She said consumers increasingly turn to general-purpose models such as ChatGPT, Gemini and Claude for financial help before they reach a regulated firm.

Rusu said four in five less-experienced investors aged 18 to 40 have used AI to help with investing, while only 40% of consumers correctly recognise that they have no recourse if something goes wrong after acting on advice from a general-purpose AI tool. Rather than expand its remit or build a new public financial capability tool, the FCA will build on existing work, including IOSCO's first TechSprint, powered by its AI Lab, to help investors spot scams and challenge unreliable AI outputs.

The FCA also said its joint AI survey with the Bank of England, due next week, shows 86% of firms now use AI. It is sharing examples of good and poor AI practice and said firms should put consumers first, keep clear accountability and plan for failures as AI systems become more autonomous.