FCA warns AI arms race in finance needs stronger powers
TL;DR
UK financial regulator FCA warns regulators are in an AI arms race to keep up with AI use in financial services, urging expanded powers and a quick review of AI activities outside current rules. The Mills report flags benefits like hyper-personalised finance and risks such as bias, opaque pricing and fraud, and calls for an AI-enabled financial guidance service plus stronger oversight of major AI providers and critical third parties, with accountability on human managers.
Topics:businesstechnology#ai-governance#artificial-intelligence#financial-conduct-authority#financial-services#technology#uk-financial-regulation
- UK regulator warns of ‘arms race’ to keep up with AI use in financial services Financial Times
- Britain should consider regulating AI models, FCA official says Reuters
- AI is outpacing the rules, Europe’s top bankers and regulators warn CNBC
- FCA Seeks More AI Regulation as Agents Take Over Finance PYMNTS.com
- Boost City regulator’s powers to help protect UK consumers from AI, says watchdog The Guardian
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