Harriet Rees and Dr Rohit Dhawan have developed an AI adoption plan for the financial services sector.
The plan, which incorporates 10 recommendations, revolves around:
- the need for regulatory clarity – proposing a clear, authoritative single source of cross-regulator guidance;
- ensuring the regulatory perimeter is right – given the Mills Review observation that 20% of UK adults are open to AI making decisions for them, and around 26% using general purpose AI tools to give them financial advice, usually without realising that the tools are unregulated and they will have no recourse for wrong advice;
- AI sovereignty and resilience – noting that at the moment there is no option for UK banks other than to rely on a small number of providers, which brings risks that the UK is addressing by the first CTP designations;
- addressing the need for the step change in skills and talent, since people at all levels within organisations need AI-related skills so they can understand it;
- being ready for agentic payments, with an urgent needs to clarify how existing legal and regulatory frameworks apply, or need to adapt.