By Patricia Figueiredo ( October 19, 2026, 11:14 GMT | Insight) -- AI providers face no immediate move to widen the UK financial regulator’s remit, despite growing use of chatbots for financial advice. The Financial Conduct Authority is focusing on clarifying how existing rules apply. The authority is also urging AI developers to warn users about the limits of AI-generated advice, Chief Data Officer Jessica Rusu said on Monday. Rusu said the FCA is incorporating six of seven recommendations from the Mills Review, an assessment of AI’s impact on retail financial services, into existing work.AI providers face no immediate move to widen the UK financial regulator’s remit, despite growing use of general-purpose AI chatbots for financial advice. The Financial Conduct Authority said it’s instead focusing on clarifying what kinds of services already fall under its scope and how activities can be captured, including some actions performed by agentic AI....
Prepare for tomorrow’s regulatory change, today
MLex identifies risk to business wherever it emerges, with specialist reporters across the globe providing exclusive news and deep-dive analysis on the proposals, probes, enforcement actions and rulings that matter to your organization and clients, now and in the longer term.
Know what others in the room don’t, with features including:
- Daily newsletters for Antitrust, M&A, Trade, Data Privacy & Security, Technology, AI and more
- Custom alerts on specific filters including geographies, industries, topics and companies to suit your practice needs
- Predictive analysis from expert journalists across North America, the UK and Europe, Latin America and Asia-Pacific
- Curated case files bringing together news, analysis and source documents in a single timeline
Experience MLex today with a 14-day free trial.