{"value":{"id":1925254,"askingMemberId":1796,"askingMember":null,"house":"Lords","memberHasInterest":false,"dateTabled":"2026-07-07T00:00:00","dateForAnswer":"2026-07-21T00:00:00","uin":"HL1781","questionText":"To ask His Majesty's Government what assessment they have made of the adequacy of the regulatory framework governing the use of artificial intelligence models to provide personalised financial guidance to consumers.","answeringBodyId":14,"answeringBodyName":"Treasury","isWithdrawn":false,"isNamedDay":false,"groupedQuestions":[],"answerIsHolding":false,"answerIsCorrection":false,"answeringMemberId":4559,"answeringMember":null,"correctingMemberId":null,"correctingMember":null,"dateAnswered":"2026-07-15T00:00:00","answerText":"<p>The Government wants consumers to be able to access high-quality support to make informed decisions about their finances and is committed to the safe adoption of AI in financial services, including financial guidance and advice. We support a principles-based, outcomes-focused approach to AI regulation enabling firms to innovate while maintaining high standards of consumer protection.</p><p> </p><p>We recognise that general-purpose AI technology has already changed the nature of financial advice and guidance.</p><p> </p><p>Earlier this month, the Financial Conduct Authority published the Mills Review, which recommended a rapid FCA review on this issue.</p><p>On 14 July, the Government published the Financial Services AI Champions’ Adoption Plan, this includes a recommendation that the FCA should consider the impacts of financial guidance and advice-like outputs through general purpose large language models (LLMs).</p><p> </p><p>The Government will engage with the FCA to consider next steps. This will be an important piece of work that complements the Government’s broader ambition to make the UK a global leader in AI, leveraging our dual strengths in financial services and AI to drive growth, productivity and better outcomes for consumers.</p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p>","originalAnswerText":"","comparableAnswerText":"","dateAnswerCorrected":null,"dateHoldingAnswer":null,"attachmentCount":0,"heading":"Financial Services: Artificial Intelligence","attachments":[],"groupedQuestionsDates":[]},"links":[{"rel":"self","href":"/Questions/1925254","method":"GET"}]}