Conclusion 16

The growing use of general-purpose AI tools by consumers to research home and travel insurance presents an emerging risk to consumers. They may provide inaccurate or unreliable information and introduce data protection concerns. The FCA considers that these tools currently fall outside the regulatory perimeter and so are not subject to the requirements of the regulatory regime. We were not convinced that the FCA was giving this sufficient attention, but we recognise that the Mills Review has only recently been published. We consider that the FCA should accelerate its response and should add home and travel insurance to the review of how consumers use AI proposed by the Mills Review.