The pursuit of artificial intelligence (AI) and use of machine learning (ML) are increasingly important fields of innovation in the financial services sector. In response to this and increasing data availability, the Financial Conduct Authority (FCA) and the Bank of England (BoE) have committed to undertake work to better understand how these developments are driving change in financial markets, including business models, products, services and consumer engagement. They are establishing a forum to further constructive dialogue with the public and private sectors to better understand the use and impact of AI/ML, including the potential benefits and constraints to deployment, as well as the risks associated with the application of AI/ML.
The Forum seeks to:
• Share information and understand the practical challenges of using AI and ML in financial services and the barriers to deployment and potential risks.
• Gather views on potential areas where principles, guidance or good practice examples could support the safe adoption of these technologies.
• Consider whether ongoing industry input could be useful and what form this could take.
Participation in the AIPPF is at the invitation of the FCA and Bank of England, and includes firms active in the development of artificial intelligence (and use of machine learning), alongside public authorities and academics.