Context
The FCA has published a speech, delivered by Jessica Rusu, FCA Chief Data, Information and Intelligence Officer, at the City and Financial Global AI Regulation Summit 2023. Titled “AI: Flipping the coin in financial services”, the speech begins with a veiled warning that we are at a key, pivotal point in Society’s development of AI, likening the current situation to a coin spinning in mid-air, with only a ‘heads or tails’ outcome.
Key points to note
The key messages in the speech are:
- we are at a pivotal junction for how we approach more than just AI alone;
- digital infrastructure, resilience, consumer safety and data are vital to getting AI integration right;
- beneficial innovations from AI will only materialise via regulation; and
- it is our responsibility to ensure the safe and responsible adoption of AI in financial services.
The speech discusses a number of topics:
- Why AI is only the beginning of the conversation
- Building digital infrastructure with strong foundations
- Expectations of resilience
- Consumer risks and AI scams
- Data considerations and questions
- The role of regulation and governance
- Beneficial regulation leads to beneficial innovation
- Examples of beneficial AI in practice
- Ensuring we win the digital coin toss
Next actions
None – for information and awareness.