Recent research has revealed that popular AI chatbots are providing inaccurate information, money tips, offering British consumers risky advice, and suggesting they buy unnecessary travel insurance.
Primarily, the tests on the most prominent chatbots found Microsoft Copilot and ChatGPT advised breaking HMRC investment limits on ISAs and provided false information about the necessity of travel insurance for visiting more EU countries.
On the contrary, Meta’s AI has given incorrect information about how to claim reimbursement for delayed flights.
According to an estimate, one in six people in the UK are using AI to take financial advice.
In this connection, the Financial Authority regulator said, “Unlike regulated advice provided by authorized firms, any advice provided by these general-purpose AI tools is not covered by the Financial Ombudsman Service and the Financial Services Compensation Scheme."
Google clarified that it was transparent about the limitations of the AI model and that Gemini urged users to check relevant information and seek professional help on legal, medical, and financial matters.
Users are advised to authenticate the accuracy of content and to commit to listening to feedback in order to improve our AI technologies.
OpenAI is working to improve accuracy, and the AI industry is concurrently making good progress on its latest foundational model, GPT-5.
Nonetheless, AI must be used with extreme caution and consumers should always seek professional advice before making any major financial decision.