Sheldon Mills, an executive director at the Financial Conduct Authority, warned that regulators are in an 'arms race' to keep pace with AI adoption in financial services. He called for greater regulatory powers and urged UK authorities to review whether large language models like ChatGPT and Claude should fall under existing rules.
Mills emphasized that regulators must embrace AI themselves to match the technology's speed and scale, and to effectively monitor and mitigate risks. His remarks came ahead of an FCA-commissioned report on AI's impact in the sector.
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