A senior official at the UK's Financial Conduct Authority (FCA) warned that regulators are locked in an "arms race" to keep pace with the rapid adoption of AI in financial services, calling for stronger powers to oversee frontier large language models such as ChatGPT, Claude and Gemini. The remarks were reported around July 6, 2026, by the Financial Times. No new formal rule or regulatory change has been issued; the comments appear to stem from an official interview or speech.
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