UK Regulators “Exposing Consumers to Serious Harm” as AI Oversight Gaps Widen — Committee Warns

The regulators in the U.K. are being cautioned that their existing approach to artificial intelligence in financial services ...

Lawmakers Raise Concerns Over Unchecked AI Use in UK Finance

UK MPs warn regulators’ hands-off stance on AI in finance risks consumer harm, fraud, and systemic shocks as adoption ...
Mortgage Solutions

Regulators and govt are ‘not doing enough’ to manage AI risks in financial services, Treasury Select Committee warns

The Financial Conduct Authority, Bank of England and HM Treasury are adopting a “wait-and-see approach” to AI in financial ...
Financial Reporter

Financial services exposed to ‘serious harm’ from AI risks: Treasury Committee

The current approach to AI in financial services risks "serious harm" to consumers and the wider system, the report argues.

MPs slam regulators for failing to act on financial AI risks

MPs have cricitised financial regulators in the UK for not doing enough to manage the risks presented by the increased use of ...
Pensions Age

Treasury Committee warns current approach to AI risks ‘serious harm’

The Bank of England (BoE), the Financial Conduct Authority (FCA) and the Treasury have been told by MPs they are not doing enough to manage the risks presented by the increased use of artificial intel ...

UK financial system ‘may not be prepared enough for major AI-related incidents’

UK financial system ‘may not be prepared enough for major AI-related incidents’ - The Treasury Select Committee said it had received a ‘significant volume of evidence’ about AI’s risks to financial ...
Pensions Expert

Treasury Committee scrutinises treatment of vulnerable customers

On the go: The Treasury Select Committee has today launched a new inquiry into vulnerable consumers’ access to financial services. The committee will scrutinise whether certain groups of consumers are ...