The UK's financial services regulators publish their approach to AI
Summary
On April 22, 2024, the Financial Conduct Authority (FCA), the Bank of England and the Prudential Regulation Authority (PRA) each published their approach to regulating the use of artificial intelligence and machine learning (AI) in the U.K. These publications follow the U.K. government’s response to the consultation on its White Paper entitled “A Pro-Innovation Approach to AI Regulation” (White Paper). The U.K. government requested that regulators publish their “strategic approach to AI” by 30 April 2024. The FCA’s update confirmed its support of the government’s pro-innovation approach to AI and recognized that it would have to adapt to keep up with the complexity of AI. The Bank of England and the PRA published a joint letter in which they also expressed support for the government’s approach and noted that AI remains an area of focus.
