AI gets 'advice' correct half the time leaving consumers at risk of making damaging errors, according to research by financial education specialists Investing Insiders, FTAdviser reports.
One can query the wisdom of anyone expecting decent financial advice from such a source, but this may also help the sector remake the case for regulated financial advice. AI does, alarmingly, seem to be getting the basics wrong.
The researchers asked AI tools 100 finance questions across a range of topics, including savings accounts, housing, and retirement, to examine how reliable they are at giving advice.
From the 100 questions, AI tools were correct 56 per cent of the time, deceptive or misleading for 27 per cent, and incorrect for 17 per cent.
If anything this also underlines the fact that if advisers are to embrace AI, they need the right partners and the right data.
More pressing than such a long term change, in the medium term, IFAs may be watching this Budget more closely than almost any other. Taxes are going to hit the ‘rich’ as the Chancellor Rachel Reeves tells the Guardian.
Thisismoney takes a look at the options. IFAs will, no doubt, be familiar with most of this and maybe, more than anything else, trying to calm clients.
It has been remarkably difficult to discern clear plans, from kiteflying from the Treasury (which feels unwise in this atmosphere) to journalists and opposition politicians adding to the speculation.
The Investing and Saving Alliance (Tisa) has urged the FCA to reconsider its proposed changes to the targeted support regime, raising concerns about the FCA’s proposed mandatory signposting requirements for pension communications and its approach to 'remuneration' disclosures.
Tisa suggests that the proposed mandatory signposting rules could result in firms being required to direct customers to targeted support services before those services are fully operational or available. Money Marketing reports.
There is also another interesting article in FTAdviser in which Roy McLoughlin, speaking on behalf of the Protection Distributors Group, bemoans the failure to include protection on the targeted support plans. It also brings a response from the FCA confirming the focus on pensions and investment.
Tributes have been paid to former Aviva CEO David Barral after a fatal car crash. RIP.
