Roboadvice, Artificial Intelligence and Responsibility: The Regulatory Framework Between Present Scenarios and Future Perspectives

Abstract

Artificial Intelligence offers peculiar development prospects in the field of electronic commerce, on-line banking and financial services: this is a typical event of FinTech, a phenomenon considered a driving force for progress and promoting the capital market union (primary goal of the European Union). In particular, the field of automation of financial advice has considerable relevance: the robo-advice and its “subspecies” (“pure”, mixed, “robo for advisors”) allow us to ask ourselves about the qualification of the existing relationship and that involves the investor, on the remedies available to him/her in the event of relationship disorders and liability profiles. This last aspect presents an element of complication due to the new “factors” introduced by the AI in the structure of the relationship, no longer simplified as direct and exclusive between two human beings. It is therefore necessary to investigate the possible development guidelines and to ask whether there is already, in the current legal system, an adequate regulatory framework or whether, alternatively, a direct intervention by the legislator is necessary. We could have: new interests on which to ask oneself about their legal recognition; or ways for a better pursuit of the already recognized interests thanks to new technologies; or again, the needs for regulatory intervention aimed to set up new cases of better protection of the same interests.