The Bank of England has published statistics which show that 75% of firms are already using AI, with a further 10% planning to use it over the next three years. Therefore, the House of Commons Treasury Select Committee has launched an inquiry to explore how UK financial services can take advantage of the opportunities in AI while mitigating any threats to financial stability and safeguarding financial consumers, particularly vulnerable consumers.
The Committee welcomes evidence on the following areas:
- How is AI currently used in different sectors of financial services and how is this likely to change over the next ten years?
- To what extent can AI improve productivity in financial services?
- What are the risks to financial stability arising from AI and how can they be mitigated?
- What are the benefits and risks to consumers arising from AI, particularly for vulnerable consumers?
- How can the government and financial regulators strike the right balance between seizing the opportunities of AI but at the same time protecting consumers and mitigating against any threats to financial stability? This could include the following:
- Are new regulations needed or do existing regulations need to be modified because of AI?
- Will the government and regulators need additional information, resources or expertise to help monitor, support and regulate, AI implementation in financial services?
The call for evidence ends on 17 March 2025.
