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HM Treasury launches call for evidence on AI in financial services

The Treasury Committee has launched a new inquiry into the potential impacts of increased use of AI in banking, pensions and other financial services. It is seeking evidence on how financial services can utilise AI whilst protecting consumers against potential risks.

The full terms of reference included queries on:

  • How is AI currently used in different sectors of financial services and how is this likely to change over the next ten years?
  • To what extent can AI improve productivity in financial services?
  • What are the risks to financial stability arising from AI and how can they be mitigated?
  • What are the benefits and risks to consumers arising from AI, particularly for vulnerable consumers?
  • How can Government and financial regulators strike the right balance between seizing the opportunities of AI but at the same time protecting consumers and mitigating against any threats to financial stability?

The call for evidence closes on 17 March 2025.

Laura Wiles