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Written question asked by Lord Taylor of Warwick (Non-affiliated) on Wednesday, 9 September 2026, in the House of Lords. It was due for an answer on Wednesday, 23 September 2026. It was answered by Lord Pitt-Watson (Labour) on Wednesday, 23 September 2026 on behalf of the Treasury.

Financial Services: Artificial Intelligence

Question

To ask His Majesty's Government what steps they are taking to ensure that consumers using artificial intelligence for financial planning receive appropriate safeguards against inaccurate or unsuitable advice.

Answer

The Government wants consumers to be able to access high-quality support to make informed decisions about their finances and is committed to the safe adoption of AI in financial services, including financial guidance and advice. We support a principles-based, outcomes-focused approach to AI regulation enabling firms to innovate while maintaining high standards of consumer protection.

We recognise that general-purpose AI technology has already changed the nature of financial advice and guidance.

On 6 July, the Financial Conduct Authority published the Mills Review, which recommended a rapid FCA review on this issue.

On 14 July, the Government published the Financial Services AI Champions’ Adoption Plan, which included a high-priority recommendation that the FCA should consider the impacts of financial guidance and advice-like outputs through general purpose large language models (LLMs).

The Government are engaging with the FCA to determine next steps. This is an important piece of work that complements the Government’s broader ambition to make the UK a global leader in AI, leveraging our dual strengths in financial services and AI to drive growth, productivity and better, safe outcomes for consumers.

Secondary information

Type
Written question
Reference
HL3375
Session
2026-27
Subjects
Consumers Financial services Protection Artificial intelligence
Link
View this Written question on www.parliament.uk