Financial advice from a chatbot? FCA: AI firms must warn users

Jessica Rusu, chief data officer at the UK’s Financial Conduct Authority (FCA), said in a speech on 19 October 2026 that AI chatbot providers should add “clear, proportionate and consistent” warnings when their models give financial information or advice. In her view, AI can blur the line between regulated and unregulated activity.

According to the FCA, 4 in 5 less experienced investors aged 18–40 have used AI when investing. According to the FCA, only 40% of consumers know that if an ordinary chatbot’s advice turns out to be wrong, there is nowhere to complain or seek compensation. The FCA also pointed to poor practices at financial firms: AI tools without a clear purpose, overstating their capabilities and too little human oversight.

Editorial comment

More and more small business owners ask chatbots about tax, loans or investments. It is convenient, but a chatbot is not an FCA-authorised adviser. When something goes wrong, there is no Financial Ombudsman Service or FSCS. For important decisions, treat an AI answer only as a starting point.

What to do

• Discuss important financial decisions (investments, pensions, loans) with an adviser on the FCA Register.
• Check chatbot answers against sources: gov.uk, HMRC, MoneyHelper.
• Do not enter account details, passwords or customer numbers into a chatbot.
• If your business uses AI for customer service, decide who checks the answers.

What do you think?

Do you feel this in your business? Tell us in the comments below the article. We will cover the most interesting views in future editions.

Sources

• FCA: Building the future of finance in the age of AI (speech)
• City AM: FCA sounds the alarm on rise of unregulated AI financial advice
• Resultsense: FCA asks AI providers to add financial advice disclaimers (20.10.2026)

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