FCA launches AI review with Sheldon Mills at the helm
Sheldon Mills, formerly of the Financial Conduct Authority, is set to lead an FCA review into the implications of advanced AI on consumers, retail financial markets and regulators.
For insurance AI may act as a personal intermediary or ‘proxy’, driving new value propositions and customer opportunities, the authority explained.
The regulator added over time, richer consumer data, could support far more detailed virtual models (‘digital twins’) of individuals, or even organisations. That would allow firms to test and improve outcomes in a controlled way. It could also empower AI agents further, allowing them to not merely ‘do things for me’ but ‘act as me’.
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