UK Regulators “Exposing Consumers to Serious Harm” as AI Oversight Gaps Widen — Committee Warns

The regulators in the U.K. are being cautioned that their existing approach to artificial intelligence in financial services ...

UK financial system ‘may not be prepared enough for major AI-related incidents’

The Treasury Select Committee said it had received a ‘significant volume of evidence’ about AI’s risks to financial services ...
Mortgage Solutions

Regulators and govt are ‘not doing enough’ to manage AI risks in financial services, Treasury Select Committee warns

The Financial Conduct Authority, Bank of England and HM Treasury are adopting a “wait-and-see approach” to AI in financial ...
FTAdviser

MPs warn financial services not prepared for major AI-related incident

MPs have called on the FCA to produce a practical guide for financial services firms to help them apply rules on the use of ...
Financial Reporter

Financial services exposed to ‘serious harm’ from AI risks: Treasury Committee

The current approach to AI in financial services risks "serious harm" to consumers and the wider system, the report argues.

MPs ask who's responsible when AI crashes the UK finance system

UK financial regulators must conduct stress testing to ensure businesses are ready for AI-driven market shocks, MPs have ...
Mortgage Strategy

Hands-off approach to financial AI regulation risks consumer harm, MPs say

The hands-off approach to regulating artificial intelligence (AI) in financial services could be causing harm to consumers, ...

UK financial system exposed to ‘serious harm’ from AI risks

A group of influential MPs have warned the UK faces major risks from AI with the financial system underprepared for major ...