Recent research highlights significant inaccuracies in financial advice provided by popular AI chatbots, raising concerns for British consumers. Tests revealed that Microsoft’s Copilot and ChatGPT suggested violating HMRC investment limits on ISAs, while ChatGPT incorrectly claimed travel insurance is mandatory for EU travel. Additionally, Google’s Gemini advised withholding payments from builders, potentially exposing users to breach of contract claims. Consumer organization Which? criticized these chatbots for their misleading statements, particularly regarding crucial financial and legal matters. Meta’s AI scored lowest in accuracy, prompting warnings about the risks of relying solely on AI for financial guidance, especially with an estimated one in six UK residents seeking AI advice for finances. Instances of users receiving outdated or incorrect tax information were documented, calling into question the reliability of these tools. Financial regulators stressed that AI advice is not covered by financial compensation schemes, urging users to verify information with professionals.
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