We asked for your input on the role supervisory authorities should have in supporting the safe and responsible adoption of AI in UK financial services.
In this Feedback Statement (FS) we summarise the responses to Discussion Paper DP5/22 – Artificial Intelligence and Machine Learning, jointly published with the Bank in October 2022.
The aim of this FS is to acknowledge the responses to the DP. Identifying themes, providing an overall summary, as well as sharing and gaining feedback on our thinking on:
- the potential benefits and risks related to the use of AI in UK financial services
- how the current regulatory framework applies to AI
- whether additional clarification of existing regulations may be helpful
- how policy can best support further safe and responsible AI adoption
Who this will interest
- financial services firms regulated by the supervisory authorities (both dual and solo-regulated)
- non-regulated financial services firms
- professional services firms (such as accounting and auditing firms)
- law firms
- third parties (such as technology companies)
- trade associations and industry bodies
- standard setting organisations
- civil society organisations
We and the Bank published DP5/22 to further our understanding and to deepen dialogue on how AI may affect our respective objectives.
It set out the Bank and the FCA’s views on the issues surrounding use of artificial intelligence and machine learning in UK financial services. This was part of our wider programme of work related to AI, including the AI Public Private Forum, the final report of which was published in February 2022.