BoE and FCA to run AI and machine learning forum

Industry News | 23/01/20

The Financial Conduct Authority (FCA) has published terms of reference for the Financial Services Artificial Intelligence Public-Private Forum, a collaboration with the Bank of England (BoE). The document defines, amongst other things, the purpose and scope of the forum, which will seek to:
• understand the practical challenges of AI and ML use within financial services, including barriers to deployment and potential risks;
• gather views on potential areas in which principles, guidance, or regulation could be helpful in supporting safe adoption of the technologies; and
• consider whether ongoing input from industry would be useful, and what form this might take.
The forum will be co-chaired by Christopher Woolard, executive director of strategy and competition at the FCA, and Sir Dave Ramsden, deputy governor for markets and banking at the BoE.