[GRTV] FMA puts AI advice and banks’ return to wealth management under spotlight
Action Required: Monitor US regulatory bodies (SEC/FINRA) for similar AI-specific guidance regarding automated advice and fiduciary responsibility.
The New Zealand Financial Markets Authority (FMA) is increasing scrutiny on the use of AI in financial advice and the re-entry of banks into the wealth management sector. This signals a broader global trend of regulators closely monitoring how AI-driven advice models impact consumer protection and fiduciary standards.
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