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
Previous Article
ECB Report on Transfer of Liquidity from EONIA Products to €STRRelated Articles
FINMA Approves Merger of Credit Suisse and UBS
The Swiss Financial Market Supervisory Authority (FINMA) has approved the takeover of Credit Suisse by UBS.
BOE Sets Out Its Thinking on Regulatory Capital and Climate Risks
The Bank of England (BOE) published a working paper that aims to understand the climate-related disclosures of UK financial institutions.
OSFI Finalizes on Climate Risk Guideline, Issues Other Updates
The Office of the Superintendent of Financial Institutions (OSFI) is seeking comments, until May 31, 2023, on the draft guideline on culture and behavior risk, with final guideline expected by the end of 2023.
APRA Assesses Macro-Prudential Policy Settings, Issues Other Updates
The Australian Prudential Regulation Authority (APRA) published an information paper that assesses its macro-prudential policy settings aimed at promoting stability at a systemic level.
BIS Paper Examines Impact of Greenhouse Gas Emissions on Lending
BIS issued a paper that investigates the effect of the greenhouse gas, or GHG, emissions of firms on bank loans using bank–firm matched data of Japanese listed firms from 2006 to 2018.
HMT Mulls Alignment of Ring-Fencing and Resolution Regimes for Banks
The HM Treasury (HMT) is seeking evidence, until May 07, 2023, on practicalities of aligning the ring-fencing and the banking resolution regimes for banks.
MFSA Sets Out Supervisory Priorities, Issues Reporting Updates
The Malta Financial Services Authority (MFSA) outlined its supervisory priorities for 2023
German Regulators Issue Multiple Reporting Updates for Banks
Deutsche Bundesbank published the nationally deactivated validation rules for the German Commercial Code (HGB) users on the taxonomy 3.2, which became valid from December 31, 2022
BCBS Report Examines Impact of Basel III Framework for Banks
The Basel Committee on Banking Supervision (BCBS) published results of the Basel III monitoring exercise based on the June 30, 2022 data.
PRA Consults on Prudential Rules for "Simpler-Regime" Firms
Among the recent regulatory updates from UK authorities, a key development is the first-phase consultation, from the Prudential Regulation Authority (PRA), on simplifications to the prudential framework that would apply to the simpler-regime firms.
