The UK’s major financial and regulatory institutions have been lacking in their efforts to properly implement appropriate measures to protect financial services from risks linked to artificial intelligence (AI).
In an extensive report carried out by the Treasury Committee over the past year, MPs found that the Bank of England, Financial Conduct Authority (FCA) and the Treasury are exposing the public and the financial system to "potentially serious harm due to their current positions on the use of artificial intelligence in financial services". AI adoption has been a major cross-industry trend which has accelerated over the past two years as the world's biggest companies and economies pledge billions into developing its respective systems and capabilities in the field. Financial services have...
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