Ars Technica: UK FCA warns of regulatory 'arms race' to oversee AI adoption in financial services

According to Ars Technica, Sheldon Mills, executive director at the UK Financial Conduct Authority, warned that regulators are in an "arms race" to keep up with AI use in financial services. Mills stated that regulators must themselves adopt AI to monitor, detect, and tackle risks, and recommended the FCA review whether ChatGPT, Claude, Gemini, and other large language models should be subject to FCA rules within three to six months.