UK financial regulator warns AI adoption outpacing its oversight capacity

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The UK's Financial Conduct Authority (FCA) has raised concerns about the rapid pace of artificial intelligence adoption across the financial services sector. A senior FCA official warned that the situation risks becoming an 'arms race' between regulators and the industry. The regulator is making a case for expanded powers to better oversee how AI is being deployed in finance. The concern is driven in part by the growing number of consumers using AI tools to make personal financial decisions.

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