Nikhil Rathi, FCA chief executive, said the regulator will probe Big Tech firms’ access to financial data to question how it could improve outcomes for consumers and business.

While there may be challenges to deal with down the line, a new report for Financial Planning Today Magazine found that at present, most Planners do not feel threatened by AI.

The Consumer Duty could lead to a ramp up in the number of financial advisers adopting AI and machine learning in 2024, according to fintech Origo.

Over two thirds (69%) of investors would be comfortable with AI being used in the investment advice process, according to a new report.