Investors warned not to rely on artificial intelligence

The warning comes from Azets, one of the UK’s leading accountancy and advisory firms, which has offices in Witney and Bicester.

With rising taxes and a flatlining economy, more people are turning to artificial intelligence in search of quick investment solutions, but experts say this could prove risky.

Alex Bolton, of Azets Wealth Management, said: “With the tax changes coming into effect this month, it’s natural that more people are seeking information and trying to understand their options.

“Technology, including artificial intelligence, can be a helpful starting point for gathering and summarising information, and it’s a tool we use internally in that context.

“However, AI should never be relied on in isolation.”

He warned that AI tools may not always include the latest UK tax rules and could mix up different accounting standards.

There is also a risk that AI models could show bias in how financial ideas are presented or favour certain markets.

Mr Bolton said: “Finally, some of the most important financial planning details are not publicly available online.

“In-depth financial planning reports, which consider an individual’s full circumstances, cannot be assessed or replaced by AI alone.”

Lewis Aldridge, a partner at Azets, compared using AI for financial advice to self-diagnosing a medical condition.

He said: “It can be like using the internet for diagnosing health issues.

“It might be correct but there is a chance it’ll be wrong – especially if it isn’t carefully used.”