Technology experts have backed the Financial Conduct Authority’s (FCA) prior commitment not to introduce “prescriptive” rules on artificial intelligence (AI) but have said that clearer guidance around the technology is needed as it embarks on a review.
The FCA's Sheldon Mills has been selected to carry out a review into AI's impact on financial services by 2030, as announced last month (27 January). The review focuses on four areas: AI technology's evolution, its future impact on firms and markets, future consumer trends, and how financial regulators will need to respond to developments. The FCA has previously outlined that it does not intend to bring in prescriptive rules governing AI use. Last September, it stated that rather than introducing extra regulations it expects to rely on "existing frameworks". Mills pointed to this s...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
