ASIC Publishes AI Guidance For Financial Advice
The Australian Securities and Investments Commission has published new Moneysmart guidance on using AI for financial information, citing research that 18% of Gen Z Australians use AI tools and 64% trust them for money advice (16% fully trust, 63% confident in accuracy). The guidance says AI can aid general learning but is not regulated financial advice, urging verification and licensed advisers for investment or personalized decisions.
Key Points
- 1Publishes guidance clarifying AI can provide general financial information but not regulated advice.
- 2Highlights widespread consumer trust—18% Gen Z use, 64% trust—raising consumer protection concerns.
- 3Advises verifying AI outputs and consulting licensed advisers for investment or personalized financial decisions.
Scoring Rationale
Strong regulatory credibility and practical relevance; moderate novelty limited to guidance rather than enforceable regulation or novel technical standards.
Sources
Public references used for this report.
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