FCA chief, Nikhil Rathi, warned of ‘adverse consequences’ if challenge made to settlement, court filings allege

The boss of the UK’s financial regulator is accused of threatening a consumer group with “adverse consequences” if it blocked a £9.1bn compensation scheme meant to settle the motor finance scandal.

Legal documents reviewed by the Guardian said the alleged comments by the Financial Conduct Authority (FCA) chief executive, Nikhil Rathi, amounted to “an inappropriate intervention by a public official”.

An EU export ban on Dutch tech giant ASML’s machines could force the pause we all need

At this point, it should be clear that AI is a choose-your-own-adventure book where every option ends in disaster. Exploding carbon emissions and ecological collapse? Turn to page 37. Other outcomes include some or all of: the bubble bursting and an ensuing financial crisis; mass unemployment via automation; the end of democracy and the rise of authoritarian surveillance states; raving cults who believe the pattern-matching algorithm is a consciousness; terrorists who create devastating bioweapons; nation states that deploy autonomous weapons systems that act on non-human timeframes; nation states or terrorists that hack all the myriad systems we depend on; or an AI that, conscious or not, pursues directives that are at odds with human wellbeing.

Imagining that people such as Elon Musk, the OpenAI boss, Sam Altman, Palantir’s Peter Thiel and the Trump administration tech adviser Marc Andreessen will lead us to a utopian future of flourishing environmentalism, social harmony and endless leisure requires hallucination and sycophancy so great that that choose-your-own-adventure scenario could only have been written by ChatGPT.

Alexander Hurst writes for Guardian Europe from Paris. His memoir Generation Desperation is out now

Exclusive: FCA pressures firms to do more to sort 760,000 accounts as watchdog urges families to use free tracking service

Child trust fund providers are being put under the spotlight to check they are treating savers fairly and doing all they can to reunite young people with lost accounts.

The Financial Conduct Authority (FCA) said about 760,000 accounts worth an average of £2,000 were yet to be claimed – more than £1.5bn in total – as it launched a review of the market.