U.K. Regulators Take Steps to Establish Financial Services AI Public Private Forum
01/23/2020The Bank of England and the U.K. Financial Conduct Authority are establishing the Financial Services AI Public Private Forum that Governor Mark Carney announced in June 2019. The regulators are calling for expressions of interest to join the forum from a range of sectors, including, but not limited to: (i) asset and investment management; (ii) banking; (iii) financial market infrastructure; (iv) FinTech; (v) insurance; (vi) non-governmental organizations; and (vii) technology service providers.
The purpose of the forum is to:
- share information and understand the practical challenges of using AI and machine learning in financial services, including obstacles to implementation and potential risks and trade-offs;
- establish the potential areas where principles, guidance, regulation or good practice might assist in the safe adoption of AI and machine learning; and
- assess whether ongoing industry input would be useful and what form that could take, such as through industry codes of conduct or an industry standard board.