We outline our approach to AI following the Government’s publication of its pro-innovation strategy on AI.
We welcome the Government’s publication of A Pro-Innovation Approach to AI Regulation: Government Response[3] and Implementing the UK’s AI Regulatory Principles: Initial Guidance for Regulators[4].
We want to promote the safe and responsible use of AI in UK financial markets and leverage AI in a way that drives beneficial innovation. We see beneficial innovation as a vital component of effective competition.
We are focused on how firms can safely and responsibly adopt the technology as well as understanding what impact AI innovations are having on consumers and markets.
This includes close scrutiny of the systems and processes firms have in place to ensure our regulatory expectations are met. And we believe an evidence-based view, one that balances both the benefits and risks of AI, will ensure a proportionate, effective and pro-innovation approach to the use of AI in financial services.
In this AI Update we outline our:
- role and objectives
- work so far
- existing approach
- plans for the next 12 months