On 30 May 2025, the Financial Conduct Authority published a Research Note, Money talks: Lessons from 2 LLM pilots on consumer guidance.

The Research Note is part of a series which set out to inform public discussion on topics that relate to artificial intelligence (AI). Specifically, this Research Note covers two pilot projects that examined the potential usefulness and limitations of large language models (LLMs) such as OpenAI’s GPT series in consumer-facing financial services.

The Research Note states that the three main lessons that were learned from running the two pilot projects were:

• LLMs demonstrate strong potential in simplifying complex information, enhancing readability and accessibility. However, validating their outputs requires a robust evaluation framework that combines human judgement with automated tools.
• The effectiveness of LLMs is context-dependent. Outcomes such as user comprehension and engagement are influenced by how the model is embedded within the customer journey, including content design and delivery.
• There is a clear appetite for AI-driven assistance. Many users responded positively to automated support, indicating a readiness to engage with intelligent systems in decision-making processes.

In addition to the Research Note the FCA has published an engagement paper, Proposal for AI Live Testing – which outlines proposals for live AI model testing pilots.