To combat financial scams, the UK's financial regulator has issued new guidelines. Memes shared by influencers ("finfluencers") and financial companies must now be accurate and approved by an authorized representative. This move aims to address the increasing prevalence of misleading promotions, particularly in the cryptocurrency industry.
Morgan Stanley has appointed Jeff McMillan as its first firm-wide AI chief. The move reflects the growing significance of AI in financial services, as firms seek to integrate AI-powered solutions across their business lines. McMillan's previous experience in wealth management and his involvement in implementing OpenAI solutions position him well to lead Morgan Stanley's AI strategy.
