The role of AI in the new UK Consumer Duty

This article is the second in a series on areas impacted by AI. It focuses on the upcoming implementation of a new Consumer Duty, a higher standard of behaviour for financial services firms directly or indirectly interacting with retail customers in the UK. The article explores the potential benefits and associated risks of financial services firms' increasing reliance on AI. This article is the second in a series on the range of regulations and legal areas impacted by artificial intelligence (AI) and machine learning. We previously published an article analyzing the recent discussion paper (DP5/22) published by the Bank of England, PRA and FCA on AI and machine learning.