FCA seeks stakeholders’ views about current and future uses of AI

The FCA has opened a questionnaire to understand the current and future uses of AI in the UK financial sector and financial services regulatory framework.  The FCA states that it is “keen to gather a wide range of views from different market participants to understand what transformative use cases may develop, and what we can do to support opportunities for beneficial innovation.”  The responses will help shape its future regulatory approach.  The deadline for responses is 31 January 2025.

The substantive questions include:

1. What AI use cases are you considering or exploring in your firm/organisation? What do transformative AI use cases look like in the next 5 to 10 years? 
2. Are there any barriers to adopting these use cases currently, or in the future?
3. Is current financial services regulation sufficient to support firms to embrace the benefits of AI in a safe and responsible way, or does it need to evolve?
4. What specific changes or additions to the current regulatory regime, or areas of further clarification/guidance, do you think are needed?

If you would like to discuss how current or future regulations impact what you do with AI, please contact Tom Whittaker, Brian Wong, Lucy Pegler, Martin Cook or any other member in our Technology team.

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