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Channel NewsAsia
Channel NewsAsia
AsiaPac · 51 mins ago
Britain should consider regulating AI models, FCA official says
LONDON, July 6 : Britain should review whether large language models such as ChatGPT, Claude and Gemini should be regulated as general-purpose AI tools as they increasingly influence consumer financial decisions, a senior official said on Monday. Financial Conduct Authority Executive Director Sheldon Mills also said the existing rulebook will need to evolve as firms' reliance on a handful of tech providers creates potential system-wide risks.Mills' review of the impact of AI on the financial sector comes as regulators globally contend with the impact of AI, from cyber and operational risks associated with frontier AI models such as Anthropic's Mythos to the challenges posed by the rollout of agentic systems capable of acting with limited human intervention.He highlighted the growing use of
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