Context
The FCA has published a speech given by Jessica Rusu, FCA Chief Data, Information and Intelligence Officer at Bloomberg’s UK Policy Series event. The speech comments on the Mills Review, putting the customer first, knowing who is accountable, operational resilience, and the FCA becoming an ‘agentic regulator’.
Key points to note and next actions
- The FCA wants the UK to be at the forefront of the safe and responsible adoption of artificial intelligence (AI) in financial services, supporting innovation, productivity and economic growth.
- As AI evolves towards increasingly autonomous systems, firms should put consumers first, maintain clear accountability and plan for when things go wrong.
- The FCA has shared examples of good and poor AI practice to help firms innovate responsibly (see the article above), with a focus on putting consumers first, ensuring clear accountability and planning for failure.
- The FCA is becoming a smarter regulator, using AI in its own work and taking forward the Mills Review through engagement, testing and action.