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UK consumers warned over AI chatbots giving inaccurate financial advice

about 7 hours ago
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Artificial intelligence chatbots are giving inaccurate money tips, offering British consumers misleading tax advice and suggesting they buy unnecessary travel insurance, research has revealed.Tests on the most popular chatbots found Microsoft’s Copilot and ChatGPT advised breaking HMRC investment limits on Isas; ChatGPT wrongly said it was mandatory to have travel insurance to visit most EU countries; and Meta’s AI gave incorrect information about how to claim compensation for delayed flights.Google’s Gemini advised withholding money from a builder if a job went wrong, a move that the consumer organisation Which? said risked exposing the consumer to a claim of breach of contract.Which? said its research, conducted by putting 40 questions to the rival AI tools, “uncovered far too many inaccuracies and misleading statements for comfort, especially when leaning on AI for important issues like financial or legal queries”.Meta’s AI received the worst score, followed by ChatGPT; Copilot and Gemini scored slightly higher.

The highest score was given to Perplexity, an AI known for specialising in search.Estimates on the number of people in the UK using AI for financial advice range from one in six to as many as half.When asked about their experiences, Guardian readers said they had recently used AI to find the best credit cards to use abroad, for advice on how to reduce investment fees, and to secure good deals on household appliances – including an artist who used it to get a good price on a ceramic kiln.Several said they were pleased with the results, but Kathryn Boyd, 65, who runs a fashion business in Wexford, Ireland, said she turned to ChatGPT for advice on her self-employed tax and it used an out-of-date code.“It just gave me all the wrong information,” she said, adding that she had to correct it at least three times.

“My concern is that I am very well-informed but … other people asking the same question may easily have relied on the assumptions used by ChatGPT which were just plain wrong – wrong tax credits, wrong tax and insurance rates etc.”When the Which? researchers asked the AI tools how to claim a tax refund from HMRC, ChatGPT and Perplexity presented links to premium tax-refund companies alongside the free government service, which was “worrying” as “these companies are notorious for charging high fees and adding on spurious charges”.After they placed a deliberate mistake in a question about the ISA allowance, asking: “How should I invest my £25k annual ISA allowance?”, ChatGPT and Copilot failed to notice the correct allowance was £20,000 and gave advice that could have led a consumer to oversubscribe, breaching HMRC rules.The Financial Conduct Authority regulator said: “Unlike regulated advice provided by authorised firms, any advice provided by these general-purpose AI tools are not covered by the Financial Ombudsman Service and the Financial Services Compensation Scheme.”In response, Google said it was transparent about the limitations of generative AI and that Gemini reminded users to double check information and consult professionals on legal, medical and financial matters.

A spokesperson for Microsoft said: “With any AI system, we encourage people to verify the accuracy of content, and we remain committed to listening to feedback to improve our AI technologies.”Open AI said: “Improving accuracy is something the whole industry’s working on.We’re making good progress and our latest default model, GPT-5.1, is the smartest and most accurate we’ve built.”Meta was approached for comment.

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‘It’s cruel’: relatives of residents react to proposal to close Lancashire care homes

Elderly residents of care home left anxious after Reform-led county council started consultation over plans for its closureFor Marjorie Aspden, 95, Woodlands care home in Clayton-le-Moors in Accrington was the perfect place to spend her twilight years. When she looked out from the window of her room, she saw the woods that she played in as a young girl and felt a sense of contentment.Now she and hundreds of other elderly residents are facing uncertainty after the Reform-led Lancashire county council announced it would consult on plans to close care homes in the area.Last month it began a consultation on moving residents out of five local authority care homes and day centres into other premises. The consultation closes in mid-December and the cabinet will make a final decision on the closures in February

about 19 hours ago
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Why is social mobility such an obsession? | Letters

In recent discussions about changes in both the curriculum and forms of examination in English secondary education, one ambition has often been named: that of increasing social mobility.Quite why this aim remains unexamined is unfortunate. Nobody would wish any child to be refused access and support for any number of occupations. But we surely have to ask, as successive governments have not, why a focus on this aspiration obscures the much more socially radical and equitable aim of making all occupations viable, rewarded and respected.Surely there is already sufficient cut-throat competition within the English class system without enshrining ideas which focus on diminishing the value of jobs and occupations to be “escaped” from

about 20 hours ago
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‘Better and cheaper’: the case for prostate cancer screening among black men

Junior Hemans was having a routine health check in 2014 when he was diagnosed with prostate cancer, at the age of 51. He knew there was an increased risk of the disease in black men so asked to have a prostate specific antigen (PSA) test, which was not initially included.“And when I went, they said I had a raised PSA level for my age,” Hemans said. “[The diagnosis] was a shock … because I had no symptoms.”The PSA test, which is used to check for conditions including prostate cancer or an enlarged prostate, is not routinely offered on the NHS at present

about 21 hours ago
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Stephen Dawson obituary

My friend Stephen Dawson, who has died of cancer aged 78, had the questionable luck of being a newly minted urologist when Aids first struck in London in the early 1980s.The son of Philip, a nuclear physicist at the Atomic Energy Research Establishment at Harwell, and May, a housewife, Steve was born in London, went to King Alfred’s school, Wantage, and studied medicine at University College Hospital before qualifying as a fellow of the Royal College of Physicians in the late 70s. The decade that followed was both clinically fascinating and emotionally challenging.Working in genitourinary clinics around London, Steve helped chart the rise of HIV-opportunistic diseases while being able to do little to treat them. It was typical of him that, in 1988, he left Aids medicine in London for the professionally less glamorous Slough, to work as the first consultant in genitourinary medicine in east Berkshire

1 day ago
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Two-thirds of nurses in UK work while unwell, says union

Nurses across the UK are working while unwell in understaffed hospitals, with stress as the leading cause of illness, according to research.A survey by the Royal College of Nursing (RCN) of more than 20,000 nursing staff found that 66% had worked when they should have been on sick leave, up from 49% in 2017.Just under two-thirds (65%) of respondents cited stress to be the biggest cause of illness, up from 50% in 2017. Seven out of 10 said they had worked in excess of their contracted hours at least once a week, with about half (52%) doing so unpaid.The NHS has more than 25,000 nursing vacancies across England

1 day ago
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‘I’d run down the road thinking I was God’: a day at the cannabis psychosis clinic

Katie hears voices and has been sectioned 50 times. Isiah became paranoid and tried to kill himself. Both link their illness to cannabis – and the drug is getting more and more potent. Is a tiny London clinic showing the way forward?It’s two years since Isiah found himself on the roof of a south London shopping centre, about to jump. “I was very done,” he says of that night in November 2023

2 days ago
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Stock market sell-off continues, as Google boss warns ‘no company immune’ if AI bubble bursts – business live

about 2 hours ago
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Crest Nicholson plans job cuts and warns on profits, blaming budget uncertainty

about 3 hours ago
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‘Fear really drives him’: is Alex Karp of Palantir the world’s scariest CEO?

about 3 hours ago
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Don’t blindly trust everything AI tools say, warns Alphabet boss

about 5 hours ago
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The Breakdown | Could new Nations Championship transform Test rugby? The jury is out

about 3 hours ago
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Mark Wood declared fit for first Ashes Test as England seamers ‘lick their lips’ at surface

about 4 hours ago