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Regulated industries should prohibit AI from making autonomous decisions where fiduciary duty applies

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  • Sheldon Mills
    Executive Director for Consumers and Competition at the Financial Conduct Authority (FCA), UK; leading the Mills Review into AI in retail financial services
    abstains and says:
    AI is already shaping financial services, but its longer-term effects may be more far-reaching. This review will consider how emerging uses of AI could influence consumers, markets and firms, looking towards 2030 and beyond. Unverified source
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  • Nikhil Rathi
    Chief Executive of the Financial Conduct Authority (FCA), the UK's financial markets regulator
    abstains and says:
    What does good look like when you can't always have a human in the loop, or even able to understand why certain trading decisions are taken or strategies pursued? Unverified source
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  • Brian Daly
    Director of the U.S. Securities and Exchange Commission's Division of Investment Management
    abstains and says:
    Intelligent use [of AI solutions] can, should, and will catalyze a transformation of the technology of investment management. Any adviser's use of AI would need to take into consideration principles of transparency, auditability, and consistency with... more Unverified source
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