The FCA and the Bank of England are to run a public/private forum to delve into the technical and public policy issues surrounding bank adoption of artificial intelligence and machine learning tools.
According to a survey conducted by the Bank of England last year, machine learning tools are now in use at two-thirds of UK financial institutions, with the technology entering a new phase of maturity and more advanced stages of deployment.
Regulation is not seen as a barrier but some of the 300 firms surveyed stressed the need for additional guidance on how to interpret current regulation.
The newly-formed ‘AI Public Private Forum’ (AIPPF) will be co-chaired by Sir Dave Ramsden, deputy governor for markets & banking, BofE, and Christopher Woolard, executive director, strategy and competition, FCA.
The Forum’s key objectives are to:
- Share information and understand the practical challenges of using AI and ML within financial services, as well as the barriers to deployment and potential risks;
- Gather views on potential areas where principles, guidance or good practice examples could be useful in supporting safe adoption of these technologies; and
- Consider whether ongoing industry input could be useful and what form this could take.
Parties are welcome to apply to participate in the Forum, with final selection at the discretion of the FCA and BoE. Firms active in AI/ML development, public authorities and academics will be given priority.
Credit: Google News