UK regulators host first Forum to assess use of AI in financial services

The Financial Services AI Public Private Forum brings the UK's Financial Conduct Authority (FCA) and Bank of England (BoE) together with AI experts from financial services, tech, and academia, to assess whether additional guidance or regulation is needed to support the safe adoption of AI in financial services, per the FCA. The Forum will host a series of quarterly meetings and workshops over the next year to discuss AI uses and benefits, constraints to deployment, and potential risks. The FCA and BoE opened the Forum to membership applications in October 2019, following the publication of their report on the application of AI in UK financial services. The Forum aims to tackle AI-related risks amid rising adoption within UK financial services. We think the Forum should add more fintech members to get a better understanding of AI use in the UK and establish guidelines.