Advice firms 'not at all' prepared for AI compliance activities

‘AI opens up a number of new compliance challenges’

Isabel Baxter
clock • 1 min read

The majority of advice firms are not prepared for artificial intelligence (AI) related compliance activities, NextWealth has found.

In its AI Index report released today (23 May), the firm noted that the use of AI opens several new compliance challenges including general data protection regulation, AI ethics and the compliance with Information Commissioner's Office rules. When asked about specific governance policies, readiness from advisers dropped further. The research found that 47% are ‘not at all' prepared for general AI policy or strategy, 26% are ‘slightly' prepared, whilst 9% said ‘somewhat' and 18% are fully prepared. When it comes to a clear guideline to AI implementation, 41% are not at all prepared,...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

Isabel Baxter
Author spotlight

Isabel Baxter

Senior Reporter at Professional Adviser

More on Technology

Consolidate or complement? Five things to consider when evaluating your tech stack

Consolidate or complement? Five things to consider when evaluating your tech stack

Important to consistently evaluate your tools for value and gaps

Allie Carey
clock 19 December 2024 • 4 min read
What's on advisers' tech wish list this Christmas?

What's on advisers' tech wish list this Christmas?

Improving digitalisation, integrating AI and compliance

Nick Eatock
clock 18 December 2024 • 4 min read
Platform innovation: Terry Huddart on Quilter's CashHub

Platform innovation: Terry Huddart on Quilter's CashHub

CashHub has a broad range of cash savings products

Terry Huddart
clock 10 December 2024 • 5 min read