UK regulator warns of "arms race" to keep up with AI use in financial services

The UK's Financial Conduct Authority (FCA) is warning of an 'arms race' to keep up with AI use in financial services. This is due to millions of people using technology for personal finance decisions. The FCA is advocating for greater powers to regulate AI use in finance. This is crucial for maintaining consumer trust and preventing potential risks associated with AI adoption. The FCA aims to ensure that AI is used responsibly and safely in financial services.