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UK regulator warns of "arms race" to keep up with AI use in financial services

6 July 2026 at 14:17

Regulators are in an “arms race” to keep up with the use of artificial intelligence in financial services, a senior UK official has warned, with millions of people using the technology to help them make personal finance decisions.

Sheldon Mills, an executive director at the Financial Conduct Authority, told the FT the watchdog would need greater powers to stay on top of the rapid growth of AI and urged UK authorities to review whether the use of ChatGPT, Claude, Gemini, and other large language models should be subject to their rules.

Speaking ahead of the publication on Monday of an FCA-commissioned report he has written on the impact of AI in financial services, Mills said regulators in the area would have to embrace AI themselves to keep up with the “speed, pace, and scale of change” the technology is bringing to the sector and to help “monitor, detect, and tackle the risks.”

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Chemical accidents rise as Trump administration proposes weakening safety rules

Physicist Ronald Koopman appeared at a Southern California Air District meeting in 2018 to talk about what seemed like an arcane scientific topic: hydrofluoric acid dispersion and water mitigation testing.

Hydrofluoric acid, also known as hydrogen fluoride or HF, is used to manufacture a range of materials, including refrigerants, gasoline, fluorine-based pesticides and fluoropolymers like those used to make Teflon. It’s also one of the most corrosive and dangerous chemicals known. Koopman conducted experiments with the chemical in the 1980s that warned about the potential of deadly accidents at facilities that use the hazardous materials.

With the Trump administration poised to roll back rules intended to protect workers and communities from catastrophic industrial chemical releases, and a new analysis showing rising rates of chemical accidents, Koopman’s presentation on highly hazardous materials has taken on a new urgency.

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When the ability to smell goes away

About 14 years ago, Chrissi Kelly lost her sense of smell. She had traveled to the Czech Republic to visit family and caught some virus. Months later, when she still couldn’t smell, she made the rounds to doctors, including her general practitioner and an ear, nose and throat specialist, trying to find answers.

She was diagnosed with anosmia (smell loss), and like many patients with her condition, was told she’d have to learn to live with it. But for her, the loss was catastrophic. “After about six months of complete loss, I was just climbing the walls, and I did not feel like myself anymore,” she says.

Researchers estimate that up to 22 percent of the population lives with smell impairments, like hyposmia (partial smell loss) or anosmia (complete smell loss). And many others live with smell disorders like phantosmia, in which a person picks up phantom smells, or parosmia, where typically pleasant scents like coffee or shampoo begin to register as highly unpleasant (think feces or vomit). Yet the conditions have been poorly understood, underdiagnosed and often minimized by clinicians.

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Inside the Luddite festival harnessing Gen Z’s rage against Big Tech

On a Sunday evening in the middle of Tompkins Square Park in New York City’s East Village, hundreds of people gather in front of a giant papier-mâché face of a woman wearing a crown. She’s the backdrop of a play, her body made up of curtains that look like a dress but serve a dual purpose, allowing actors to scurry on and offstage.

I’m here to watch a performance called “Luddite Recreations,” which is a history of the Luddite movement—a group of artisans and textile workers who resisted the adoption of machines during the early years of the Industrial Revolution in England and whose resistance to being displaced from their work was met with violence by the British monarchy.

It’s one of the opening events of the Summer of Ludd, a weeklong series of talks and activities like how to flirt and date offline, mending, and learning to fight against data centers, all focused on getting people off their phones and into community.

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