Professional body the Chartered Insurance Institute (CII) has called on financial services firms to educate all employees on the potential opportunities - and risks - of artificial intelligence (AI).

In recommendations submitted to the Treasury Select Committee, the CII said institutions and individuals must be held accountable for decisions made using AI.

The professional body said financial services professionals should, “always be prepared to take accountability for the outcomes created by AI, either through design or monitoring.”

It added that all professionals should be educated on the potential harm that can come from mis-managing AI.

It said that all employees should receive education on the potential and risks of AI in order to strike the right balance between optimising its use and protecting consumers. It said that this would allow a “healthy debate” within firms, increasing trust over the long term.

Dr Matthew Connell, CII director of policy and public affairs and a regular columnist for Financial Planning Today magazine, said: “While AI has been employed within insurance for many years, it is important that we continuously assess how it can be optimised for both professionals and consumers.

"We welcome the opportunity to offer recommendations to the Treasury Select Committee and utilise the extensive consumer research carried out by the CII to inform this work on AI in financial services.”

The CII has a range of courses and materials for professionals to build their understanding and use of AI, including an introductory course to data science and AI, CPD materials, guides and articles on the opportunities and risks associated with AI.

The CII is a professional body for insurance and financial planning professionals and has over 120,000 members. It is also the parent organisation of the Personal Finance Society (PFS).

The PFS, the professional body which awards the Chartered Financial Planner qualification, has 40,000 members.