| Link(s): | Artificial Intelligence (AI) update – further to the Government’s response to the AI White Paper | FCA AI Update (fca.org.uk) |
Context
Following the Government’s publication of A Pro-Innovation Approach to AI Regulation: Government Response and Implementing the UK’s AI Regulatory Principles: Initial Guidance for Regulators, the FCA is focusing on how firms can safely and responsibly adopt the technology, as well as understanding what impact AI innovations are having on consumers and markets.
Key points to note and next actions
Outlined in the AI update;
- The role of the Financial Conduct Authority and its objectives to;
- secure an appropriate degree of protection for consumers,
- protect and enhance the integrity of the UK financial system, and
- promote effective competition in the interests of consumers
- What the FCA has done so far
- The FCA’s existing approach
- Plans for the next 12 months