Growing reliance on artificial intelligence tools could lead to costly mistakes, with professionals warning that key tax changes, personal circumstances and market risks may be overlooked without expert guidance

PEOPLE across Wales are being warned not to rely solely on artificial intelligence platforms for financial advice.

Accountancy and advisory firm Azets, which has offices in Cardiff, Swansea and St Asaph, says AI can be a useful starting point for gathering information, but should not replace professional advice when money, tax or investments are involved.

The firm has compared using AI for financial planning to searching health symptoms online instead of seeing a doctor.

AI can miss recent tax changes

The warning comes as rising taxes and a flatlining economy leave more investors looking for efficient ways to manage their money.

Alex Bolton, from Azets Wealth Management, said: “With the tax changes coming into effect from April, it’s natural that more people are seeking information and trying to understand their options.

“Technology, including artificial intelligence, can be a helpful starting point for gathering and summarising information, and it’s a tool we use internally in that context.

“However, AI should never be relied on in isolation. When researching financial matters it’s essential to check sources carefully and ensure information is accurate and up to date.”

Mr Bolton said the quality of AI responses depended heavily on how specific the questions were, adding that some platforms may not fully reflect recent UK tax changes.

He said AI could also confuse accounting standards, such as IFRS and UK GAAP, and may carry bias in the way investment ideas are presented.

Risk of over-confidence

The firm also warned that social media influencers discussing money and investments could lead people to place too much confidence in AI-generated information.

Mr Bolton added: “Some of the most important financial planning details are not publicly available online.

“In-depth financial planning reports, which consider an individual’s full circumstances, cannot be assessed or replaced by AI alone.”

Lewis Aldridge, a partner at Azets, said: “While AI gives a good steer and can be useful for forecasting there are real issues.

“It can be like using the internet for diagnosing health issues. It might be correct but there is a chance it’ll be wrong – especially if it isn’t carefully used.

“In due course the technology might be more reliable but at present we advise caution and that when it comes to money people should always take advice from a reputable financial professional.”

Azets is a UK top ten accountancy and advisory firm, with offices across Wales and the wider UK.

TENBY is buzzing with the sights and sounds of classic scooters this Bank Holiday weekend as the Welsh National Scooter Rally continues in the seaside town.

Hundreds of scooter enthusiasts have travelled to Pembrokeshire for the four-day event, which runs from Friday (May 1) to Monday (May 4), bringing a splash of colour, chrome and Mod culture to the resort.

The rally, organised by Scooter Collective South Wales, is taking place across several venues, including De Valence Pavilion, Tenby United Rugby Club and the Ex-Servicemen’s Club.

Entertainment includes live music, Northern Soul nights, club events and the traditional rally atmosphere which has made Tenby a popular stop on the national scooter calendar.

A ride-out was also planned from Tenby RFC’s ground at Heywood Lane on Saturday afternoon, with scooters heading through the surrounding area. A Custom Show and Traders Fair were also due to be held at the rugby club.

Classic Vespas, Lambrettas and custom scooters have been seen around the town throughout the weekend, with visitors adding to the atmosphere in local streets, pubs, cafés and hotels.

This year’s event also marks 25 years since the first national scooter rally was held in Tenby in 2001 at Kiln Park, when soul legend Edwin Starr headlined.

Before that, smaller local rallies had taken place in 1999 and 2000, while Tenby had already become a regular weekend destination for South Wales scooterists during the 1990s.

The 2026 event is understood to be the 12th time a national rally has been held in Tenby, underlining the town’s long-standing connection with the scooter scene.

The rally continues until Monday, with organisers and visitors hoping the Bank Holiday atmosphere will provide another boost for the town.

Photo caption:

Scooter spectacle: Riders and enthusiasts gather in Tenby for the Welsh National Scooter Rally 2026 (Pic: Malcolm Richards)

HAVERFORDWEST town centre is expected to be busy today as Haverfoodfest 2026 returns for a full day of food, drink, music and family entertainment.

The popular food and drink festival is taking place today, Saturday, May 2, from 10:00am until 4:00pm, with free entry.

This year’s event is being promoted as “the big one”, with artisan produce, street food stalls, busker stops and live entertainment planned across the centre of town.

Organisers say high-quality food and drink stallholders from Wales will be based around Quay Street, Castle Square, the Old Bridge and Riverside, with tasters and special offers available throughout the day.

Among the stalls listed for this year’s festival are local and Welsh food producers, hot food traders, sweet treats, drinks, cheese, chocolate, vegan food, crêpes, barbecue and other artisan produce.

The event is also set to include music, choirs, buskers, free face painting and family activities, helping to bring a festival atmosphere to the county town.

Haverfoodfest has become one of Haverfordwest’s best-known town centre events, drawing visitors into local streets and supporting existing shops, cafés, pubs and businesses.

The festival website says: “Haverfoodfest is back on May 2nd 2026 with high-quality food and drink stallholders from Wales on Quay Street, Castle Square, The Old Bridge and Riverside with lots of tasters and offers of great food and drink.”

Visitors are being encouraged to head into town during the day, enjoy the stalls and entertainment, and support local traders.

More information is available at www.haverfoodfest.co.uk.