Featured Product

    BoE and FCA Launch Public Private Forum on Artificial Intelligence

    October 12, 2020

    BoE and FCA established the Financial Services Artificial Intelligence Public Private Forum (AIPPF) to explore means to support safe adoption of the artificial intelligence and machine learning technologies in financial services. The forum is expected to run for one year and will hold a series of quarterly meetings and workshops structured around the topics of data, model risk management, and governance. BoE and FCA has also made available the names of the three co-chairs from BoE and PRA, along with the list of 21 forum members, belonging mostly to the prominent institutions in the private sector.

    One of the goals of the forum is to facilitate dialog between the public and private sectors to better understand the use and impact of artificial intelligence in financial services. While speaking at the launch of the forum, Dave Ramsden of BoE, who is also one of the co-chairs of the forum, pointed out that the forum will draw on the knowledge and experience of 21 leading artificial intelligence experts from across the financial and technology sectors as well as academia. The forum also has observers from the Information Commissioner’s Office and the Centre for Data Ethics and Innovation and more may be invited. The forum, which held its first meeting on October 12, 2020, 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 these technologies
    • Consider whether ongoing industry input could be useful and what form this could take

    The forum plans to publish summary reports of all forum and workshop discussions. It will also aim to deliver a final report of its findings and conclusions. However, the outputs of the forum should not be considered as an indication of future policy by BoE or FCA. Participation in forum is at the invitation of FCA and BoE and includes firms active in the development of artificial intelligence (and use of machine learning), alongside public authorities and academics. 


    Related Links

    Keywords: Europe, UK, Banking, Insurance, Securities, Artificial Intelligence, Governance, Artificial Intelligence Public Private Forum, Machine Learning, Regtech, FCA, BoE

    Related Articles
    News

    Regulators Fine Goldman Sachs for Risk Management Failures

    FCA and PRA in the UK, FED in the US, and the authorities in Singapore have fined Goldman Sachs for risk management failures in connection with the 1Malaysia Development Berhad (1MDB).

    October 23, 2020 WebPage Regulatory News
    News

    Canada Hosts International Conference of Banking Supervisors

    BCBS announced that OSFI and the Bank of Canada hosted the 21st International Conference of Banking Supervisors (ICBS) virtually on October 19-22, 2020.

    October 22, 2020 WebPage Regulatory News
    News

    FCA Proposes More Measures to Help Insurance Customers Amid Crisis

    FCA proposed guidance on how firms should continue to seek to help customers who hold insurance and premium finance products and may be in financial difficulty because of COVID-19, after October 31, 2020.

    October 21, 2020 WebPage Regulatory News
    News

    EBA Issues Opinion to Address Risk Stemming from Legacy Instruments

    EBA issued an opinion on prudential treatment of the legacy instruments as the grandfathering period nears an end on December 31, 2021.

    October 21, 2020 WebPage Regulatory News
    News

    ESRB Publishes Non-Bank Financial Intermediation Risk Monitor for 2020

    ESRB published the fifth issue of the EU Non-bank Financial Intermediation Risk Monitor 2020 (NBFI Monitor).

    October 21, 2020 WebPage Regulatory News
    News

    HM Treasury Publishes Policy Statement Amending Benchmarks Regulation

    HM Treasury announced that the new Financial Services Bill has been introduced in the Parliament.

    October 21, 2020 WebPage Regulatory News
    News

    APRA Initiates Action Against a Bank for Liquidity Compliance Breach

    APRA announced that it has increased the minimum liquidity requirement of Bendigo and Adelaide Bank for failing to comply with the prudential standard on liquidity.

    October 21, 2020 WebPage Regulatory News
    News

    PRA Consults on Implementation of Certain Provisions of CRD5 and CRR2

    PRA published the consultation paper CP17/20 to propose changes to certain rules, supervisory statements, and statements of policy to implement elements of the Capital Requirements Directive (CRD5).

    October 20, 2020 WebPage Regulatory News
    News

    US Agencies Finalize Rule to Reduce Impact of Large Bank Failures

    US Agencies adopted a final rule that applies to advanced approaches banking organizations and aims to reduce interconnectedness in the financial system as well as to reduce contagion risks associated with the failure of a global systemically important bank (G-SIB).

    October 20, 2020 WebPage Regulatory News
    News

    US Agencies Finalize Rule on Net Stable Funding Ratio Requirements

    US Agencies (FDIC, FED, and OCC) adopted a final rule that implements the net stable funding ratio (NSFR) for certain large banking organizations.

    October 20, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 6004