Financial service firms in the UK have requested further guidance on how to interpret existing regulation with regard to the use of machine learning, according to a survey conducted during 2019 by the Financial Conduct Authority (FCA) and Bank of England (BoE). The options being explored are a new interpretation or repeal of old regulations, while others involve taking direct action against companies that don’t move quickly enough towards adopting AI techniques. The key findings of our survey are: Machine learning in UK financial services Additionally, companies say machine learning usage doesn't create additional business risks, though it may amplify existing risks. The FCA and BoE have announced plans to establish a public-private group to explore some of the questions uncovered by the survey.
Financial service firms in the UK have requested further guidance on how to interpret existing regulation with regard to the use of machine learning, according to a survey conducted during 2019 by the Financial Conduct Authority (FCA) and Bank of England (BoE). The options being explored are a new interpretation or repeal of old regulations, while others involve taking direct action against companies that don’t move quickly enough towards adopting AI techniques. Additionally, companies say machine learning usage doesn't create additional business risks, though it may amplify existing risks. The FCA and BoE have announced plans to establish a public-private group to explore some of the questions uncovered by the survey.