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Financial services firms must urgently review their IT systems and processes for managing customer vulnerability, experts warn as new independent guidance sets higher standards and is adopted by the Financial Ombudsman Service (FOS).
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Around 800,000 people reported losing money to investments or pensions related scams in the 12 months to May 2024, according to Financial Conduct Authority (FCA) research.
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Lloyds Bank-owned insurance, pensions and investments firm Scottish Widows has commenced a six-month pilot trial of AI across its marketing and compliance functions.
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The UK's Financial Conduct Authority is to commence live testing of AI technology, with NatWest, Santander and Monzo among the first cohort.
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Is transparent wealth management a possibility in this economy? According to Stuart Cash, CEO of wealthtech advisory firm Y TREE, it's within arm's reach.
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