Shares in UK wealth management firms and price comparison sites fell sharply amid growing concerns that artificial intelligence could disrupt their businesses. The drop followed the launch of a new AI service by Altruist Corp, which helps advisers create personalised tax strategies by reading client documents such as pay stubs and account statements.
St James’s Place shares fell 13%, Quilter 5%, and AJ Bell 8% as investors worried that AI-driven tools could reduce fees and revenue for financial advisers. Similarly, price comparison platforms continued to suffer: MoneySuperMarket’s owner, Mony Group, dropped nearly 2% after a 12% fall the previous day, hitting a 13-year low, while Go.Compare owner Future fell 4% after prior losses.
The sell-off reflects broader concerns over AI-driven disruption in insurance and finance. U.S. companies like Insurify and Spain-based Tuio are offering insurance quotes via ChatGPT, raising the prospect that consumers could bypass traditional comparison sites entirely. Analysts warn that portals will need to integrate AI tools quickly to remain competitive, possibly offering greater incentives or embedding their services into AI platforms.
Fears of AI disruption have also affected UK software, publishing, and legal services companies after U.S. startups like Anthropic introduced tools that automate legal tasks, contract review, and compliance workflows.
