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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OpenAI CEO Sam Altman is reportedly in active talks with the Trump administration about the US potentially acquiring a 5 percent stake in the leading AI firm.

Insider sources told the Financial Times that these talks are in “early stages,” but Altman “has argued that giving the public a financial stake in the company is the best way to share the upside of AI.”

Donald Trump favors the idea, and his administration has reportedly been talking to several AI firms about the possibility. According to FT’s sources, other companies approached to share similar stakes include Google and Meta.

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