07 February 2025
Artificial Intelligence (AI) is becoming increasing popular, with 75% of firms currently using AI in some capacity, according to figures recently published by the Bank of England.
A new inquiry by the Treasury Committee wants to know how financial services can effectively use AI whilst protecting customers against potential risks, particularly vulnerable customers.
Therefore, the Committee has opened a new call for evidence, “AI in financial Services”, which will run until 5pm on 17 March 2025.
The call for evidence seeks views on the following areas:
- How AI is currently used in different sectors of financial services and how it is likely to change over the next 10 years.
- The extent to which AI can improve productivity in financial services.
- The risks to financial stability arising from AI and how they can be mitigated.
- The benefits and risks to consumers arising from AI, particularly for vulnerable consumers.
- How Government and financial regulators can 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.
The policy team is holding a Think Tank on 18 February, for full, Fellow and Chartered members, to give their thoughts and views around the questions laid out in the Call for Evidence, to enable the team to represent our members views in the formal response. (Invitations will be emailed out shortly).
You can also respond with your views on behalf of an organisation or as an individual by completing the online form.
Keep an eye out for progress updates.
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