The Financial Post reported Scotiabank was fined $22.5M by U.S. regulators as a result of staffers using unapproved communication platforms.
This report raises several interesting employment issues:
There has been much litigation over whether or not financial advisors are independent contractors or employees at the banks. Working with financial professionals for over a decade, I have seen firsthand that advisors are often incentivized by banks to work autonomously to drive growth but often have complicated contractual arrangements that can deprive advisors from employee status.Article contentRECOMMENDED VIDEOSecondly, the large fines hint at the underbelly of remote work.
While I am dubious of ChatGPT’s ability to disrupt employment law, there is no question that it’s power knows no bounds in workplaces everywhere. If regulators are looking to crackdown on employees’ use of non-sanctioned software, the first place to look is AI. Employees are naively feeding these platforms confidential information and company trade secrets in the hopes of wowing their superiors with streamlined reports in a fraction of the time.
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