New UK Approach To Financial Service Regulation Demands ChatGPT-Like Solutions

The Duty Of Care

One of the reasons why I think AI-to-AI connections are the only way to make this new duty work is that the outcomes depend to large extent on customer understanding and providing customers with the information that they need to make decisions. This makes me slightly nervous, because some years ago I was involved in a research project looking at obtaining informed consent from British consumers. The conclusion, as I recall, was that while obtaining consent was straightforward, obtaining informed consent was an almost insurmountable barrier to business. Remember, the general public have little grounding in mathematics, statistics, portfolio management the history of investments. Hence it seems to me that the money spent on trying to educate the public about the difference between the arithmetic mean and the mode might be better spent on commissioning and certifying bots capable of making informed decisions on their behalf.

(When it comes to the provisions about value – that products and services should be sold at a price that reflects their value and that there should be no excessively high fees — I have literally no idea how to judge whether a price is appropriate but presumably lawyers do, so that’s OK.)