FCA & BofE launch AI and machine learning forum

According to a survey conducted by the Bank of England last year, machine learning tools are now in use at two-thirds of UK financial institutions, with the technology entering a new phase of maturity and more advanced stages of deployment. Regulation is not seen as a barrier but some of the 300 firms surveyed stressed the need for additional guidance on how to interpret current regulation. The newly-formed'AI Public Private Forum' (AIPPF) will be co-chaired by Sir Dave Ramsden, deputy governor for markets & banking, BofE, and Christopher Woolard, executive director, strategy and competition, FCA. The Forum's key objectives are to: Parties are welcome to apply to participate in the Forum, with final selection at the discretion of the FCA and BoE. Firms active in AI/ML development, public authorities and academics will be given priority.