Britain's Financial Conduct Authority should examine whether general-purpose AI tools like ChatGPT, Claude, and Gemini need to fall under financial regulation, according to FCA Executive Director Sheldon Mills, as consumers increasingly turn to them for money decisions.

Mills made the recommendation as part of the newly published Mills Review, a long-term look at how AI could reshape retail financial services through 2030 and beyond.

According to the review, more than one-quarter of UK consumers believe that general-purpose models like OpenAI's ChatGPT,........

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