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
Next ArticlePRA Amends Pillar 2 Capital Framework for Banks
The Prudential Regulation Authority (PRA) published the final policy statement PS21/21 on the leverage ratio framework in the UK. PS21/21, which sets out the final policy of both the Financial Policy Committee (FPC) and PRA
The Consumer Financial Protection Bureau (CFPB) proposed to amend Regulation B to implement changes to the Equal Credit Opportunity Act (ECOA) under Section 1071 of the Dodd-Frank Act.
The Prudential Regulation Authority (PRA) decided to maintain, at the 2019 levels, the buffer rates for the Other Systemically Important Institutions (O-SII) for another year, with no new rates to be set until December 2023.
The Financial Stability Board (FSB) published a progress report on implementation of its high-level recommendations for the regulation, supervision, and oversight of global stablecoin arrangements.
In a letter to the authorized deposit taking institutions, the Australian Prudential Regulation Authority (APRA) announced an increase in the minimum interest rate buffer it expects banks to use when assessing the serviceability of home loan applications.
The Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) are consulting on the preliminary guidance that clarifies that stablecoin arrangements should observe international standards for payment, clearing, and settlement systems.
The European Banking Authority (EBA) and the European Insurance and Occupational Pensions Authority (EIOPA) have set out their respective work priorities for 2022.
The Malta Financial Services Authority (MFSA) updated the guidelines on supervisory reporting requirements under the reporting framework 3.0, in addition to the reporting module on leverage under the common reporting (COREP) framework.
The European Commission (EC) published the Implementing Decision 2021/1753 on the equivalence of supervisory and regulatory requirements of certain third countries and territories for the purposes of the treatment of exposures, in accordance with the Capital Requirements Regulation or CRR (575/2013).
EC published the Implementing Regulation 2021/1751, which lays down implementing technical standards on uniform formats and templates for notification of determination of the impracticability of including contractual recognition of write-down and conversion powers.