Avoiding the AI trap

In this episode of the ifa Show, host Alex Burke talks to Marshan Consulting director Ben Marshan about AI in advice: where it works, what the risks are and how advisers can use it without running afoul of ASIC or the OAIC. Ben discusses the rapid evolution of AI tools and the novel risks they introduce, particularly with regards to advisers' privacy obligations. He also explains the principles of responsible AI use recently introduced by the Financial Planning Standards Board and the ASIC letter that stopped him in his tracks.  Tune in to hear: Why AI adoption requires thorough testing and ongoing training A case study about what not to do when using AI in advice What ASIC wants practices to focus on when developing AI policy