SFC chairman says AI cannot replace human accountability in finance
Securities and Futures Commission chairman Kelvin Wong Tin-yau said AI cannot take responsibility for consequences, stressing that human accountability remains essential in wealth management. His remarks came as an SFC survey showed nearly all large firms expect to accelerate AI use.
Artificial intelligence cannot replace human accountability in financial advice, Securities and Futures Commission chairman Kelvin Wong Tin-yau told the Private Wealth Management Association Wealth Management Summit on Thursday.
“There is one thing it cannot do. It cannot take responsibility for the consequences. That remains human,” Wong said.
He added that the distinction between prediction and judgment, and between answers and responsibility, is becoming increasingly important for wealth managers and regulators alike.
Wong’s remarks came as the SFC released its Large Firm AI Readiness Survey, which found that nearly all respondents expect their use of AI to accelerate over the coming year. The surveyed firms identified accountability, meaningful human oversight, and external dependencies as the primary challenges that must be managed.
Wong noted that earlier this year, a small US fintech firm’s announcement of an AI-powered tax-planning feature wiped more than US$140 billion (HK$1.09 trillion) off the market value of several listed wealth managers.
He argued that AI cannot change the economics of trust, which will ultimately determine which firms become more valuable rather than merely more efficient.
Turning to Hong Kong’s position as the world’s largest cross-border wealth hub with US$2.9 trillion in assets under management, Wong cited projections indicating the city’s cross-border wealth is expected to grow at around 9 per cent annually through 2030.
