Advisers, Consumer Duty & Agentic
Peter Smith
UK Fintech Ambassador at TISAtech (Tt). Industry Consultant. NED. Regulatory Horizons Envoy. Adviser Technology Legate TechFin Atelier.
Advisers, Consumer Duty & Agentic
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Think the current industry discussions around Agentic & indeed DeepSeek could well accelerate the modelling around data the FCA requires on consumer duty.
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Silicon Valleys on both sides of the Atlantic are in a tailspin over DeepSeek’s cheap yet powerful AI system the so called “Sputnik Moment”.
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Central to these models are very large amounts of computing power and the issue of changing “weights” those algorithmic values that determine the outputs!
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One key issue will be a strong regulatory framework that adapts, evolves and responds to the new challenges and risks that AI technology brings. This is currently in train both in Westminster & Brussels.
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One concern with adviser work is of course, some applications store user data to train the model which could make them unsuitable for use with client information!
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Developments could mean adviser clients could have their own bots or AI agents helping them choose products and execute asset allocation & transactions.
AI should enable advisory firms the chance to become more efficient and effective in asset allocation, client management and meeting the regulatory needs of Consumer Duty.
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Next step must be open discussions with FCA, Treasury & regulators to agree the regulatory road map.
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One key issue will be a strong regulatory framework that adapts, evolves and responds to the new challenges and risks that AI technology brings. This is currently in train both in Westminster & Brussels.
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One concern with adviser work is of course, some applications store user data to train the model which could make them unsuitable for use with client information!
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Going to be interesting to see how this develops.
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