The Financial Conduct Authority (FCA) is not planning on bringing in any “extra” regulations concerning artificial intelligence (AI).
Instead, it is opting to "rely on existing framework, which mitigates many of the risks associated with AI". In a note published on its website yesterday (9 September), the FCA said that due to the "fast-moving technology" in areas such as AI, it felt "this is the best way to support UK growth and competitiveness". The FCA's approach to AI so far has matched its ‘prescriptive' approach to other enforcement areas, grounded in "principles-based and focused on outcomes". The watchdog did offer some limited parameters for safe use of AI to the market, siloed under Consumer Duty and ‘ac...
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