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 recent years by Bank of England (BoE (FCA) and BoE ). The UK financial sector is beginning to take advantage of this. Firms don't see regulation, however, as something holding back the use of machine learning. Additionally, companies say machine learning usage doesn't create additional business risks, though it may amplify existing risks. The FCA and Bank of England (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 recent years by Bank of England (BoE (FCA) and BoE ). Firms don't see regulation, however, as something holding back the use of machine learning. Additionally, companies say machine learning usage doesn't create additional business risks, though it may amplify existing risks. The FCA and Bank of England (BoE have announced plans to establish a public-private group to explore some of the questions uncovered by the survey.