Boost City regulator’s powers to help protect UK consumers from AI, says watchdog

A landmark review by the Financial Conduct Authority warns that artificial intelligence is already changing how financial services work—and faster than regulators can currently manage. According to The Guardian, the FCA examined how AI will reshape banking through 2030 and found that companies are rapidly automating customer-facing services that were once handled by humans. The risks are escalating: fraud and cyber-crime threats grow as these AI-enabled systems become more entrenched. The FCA is now urging ministers to expand the City regulator's powers to protect consumers and keep pace with this technological shift.

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