UK government launches inquiry into use of AI in banking and financial services
The UK Treasury Committee has made a call for evidence as part of a newly launched inquiry set to consider the increasing impact of AI on banking, pensions and other financial services.
UK Treasury Committee launches call for evidence for new AI inquiry
The inquiry will look specifically into how the UK’s financial services sector can “take advantage of the opportunities in AI while mitigating any threats to financial stability and safeguarding financial consumers, particularly vulnerable consumers”, the call for evidence reads.
The committee says it wants to “hear from a range of voices” to guide regulatory efforts, with industry professionals and consumers alike being asked to submit answers to a series of questions by 17 March.
Topics being explored through the inquiry are the impact of AI on productivity, the benefits and risks to consumers and financial stability, and the trajectory of the technology over the next decade, among others.
From the response, the committee will look to gain a better understanding of how UK firms are using AI, the potential impact on employment in the sector, as well as the UK’s competitiveness when compared to other countries.
The inquiry will also aim to outline the extent to which AI could jeopardise financial stability and question if there is the potential for increased cybersecurity risks.
Treasury Committee chair Dame Meg Hillier comments: “It’s critically important the City can capitalise on innovations in AI and continue to be a world leader in finance.
“We must, though, also be mindful of ensuring there are adequate safeguards in place to mitigate the associated risks, particularly for customers. This piece of work will allow us to see the full picture.”
