FCA and BoE Establish Financial Services AI Public Private Forum
FCA and BoE established the Financial Services Artificial Intelligence Public Private Forum, or AIPPF, to further constructive dialog with the public and private sectors to better understand the use and impact of artificial intelligence and machine learning. The dialog will also cover the potential benefits and constraints to deployment as well as the risks associated with the application of artificial intelligence and machine learning.
In October 2019, FCA and BoE had published a report on the application of artificial intelligence and machine learning in UK financial services. This report constituted a first step toward better understanding the impact of machine learning on UK financial services. The Forum will explore means to support safe adoption of the technologies within financial services and whether principles, guidance, regulation, and/or industry good practices could support safe adoption of artificial intelligence and machine learning. The Forum seeks to:
- Share information and understand the practical challenges of using artificial intelligence and machine learning within financial services, including the barriers to deployment and potential risks
- Gather views on potential areas where principles, guidance, or good practice examples could be useful in supporting safe adoption of the technologies
- Consider whether ongoing industry input could be useful and what form such input could take
Related Link: Press Release
Keywords: Europe, UK, Banking, Insurance, Securities, Machine Learning, Artificial Intelligence, Fintech, FCA, BoE
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