TheCityUK publishes response to call for evidence on AI

TheCityUK has published a response to HM Treasury’s call for evidence on AI in financial services.

The industry-led body supports the aim of the inquiry and the Treasury Committee’s work on ensuring the UK financial services industry can harness the opportunities of AI, while mitigating risks to financial stability and safeguarding customers.

TheCityUK drew attention to the following key points:

• Opportunities – the response notes the transformative potential of generative AI, and that firms are actively exploring and adopting generative AI.
• Managing risks – TheCityUK advocates for a proportionate, predictable and agile regulatory environment in order to foster AI adopting across the industry.
• Appropriate regulatory approach – the response welcomes the UK’s pro-innovation, sectoral approach to regulating AI.
• Regulator and industry collaboration – TheCityUK calls for ongoing dialogue among regulators, and between regulators and the wider financials services industry.