There is no denying that the technological landscape and the financial services industry has irrevocably changed in the last two decades. This article will explore the existing regulatory framework of AI within the UK financial services industry, make a brief comparison against the global landscape and attempt to predict what lies ahead. In 2019, the Bank of England (BoE) and Financial Conduct Authority (FCA) (jointly, the Regulators) conducted a joint survey to gain understanding on the use of machine learning (ML) in the UK financial services industry (the First ML Survey). The Global LandscapeUnited Kingdom – PragmaticGiven the above, one could summarise the UK's AI regulatory landscape in financial services using buzzwords like 'optimistic,' 'light-touch', 'industry-led' and 'technology neutral', with a focus on keeping senior managers ultimately accountable. United States of America – Growing Body of AI GuidanceIn the United States, the landscape is slightly different with a growing body of AI guidance.

Source: The Guardian November 27, 2023 19:49 UTC