The Chartered Institute for Securities & Investments (CISI) has joined other professional bodies in calling for stronger governance on the ethical threats for financial professionals using AI (Artificial Intelligence).

AI brings ethical challenges that demand urgent action for financial services firms, according to a report from the Association of Chartered Certified Accountants (ACCA) and the CISI marking Global Ethics Day (15 October).

The ethical implications of the use of AI are unavoidable, according to the report, which calls on individuals, firms and regulators to unite on the potential threats AI could cause.

The report also sets out practical considerations for the profession, calling on individuals to strengthen their awareness of ethical dilemmas when using AI, supported by practical checklists to guide decisions.

It calls on financial services firms to create governance frameworks and foster a culture that enables its employees to exercise judgement responsibly.

Tracy Vegro OBE, chief executive officer at the CISI said: “This report and its global frame of reference confirms the critical link for our sector between skills, governance and trust in supporting an ethical AI ecosystem. Technology and trust must go hand in hand, and ethical frameworks are essential for AI development, supported by sector-wide skills and training.”

The CISI already jointly works with the ACCA for its Certificate in Ethical AI.

A fifth (21%) of Financial Planning firms have already embedded AI into their business, according to a survey of Personal Finance Society members at its first PFS autumn roadshow in September.

The majority, 56%, of PFS members said they have been experimenting with AI, when asked during the snap survey.

The CISI has more than 50,000 members.