Booming but lacking sophistication. That’s how the corporate regulator describes the way that the country’s financial services sector is deploying artificial intelligence, warning of the risks – from bias to fake information – that are being introduced with little to keep them in check.

In its most comprehensive survey to date, the Australian Securities and Investments Commission found there was a “rapid acceleration” in the number of AI uses, but also a shift towards “more complex and opaque” ones.