The FCA and the Bank of England have announced a collaboration on a new public-private forum, the AIPPF (because regulation needed another acronym). AIPPF will focus on AI and machine learning, its aim to host discussions to understand the technical and public policy issues in AI.
This will help to gather views on how FCA principles and guidance can support implementation of AI and machine learning in the financial services world, providing examples of good practice. We all know the financial services landscape is changing and business and the regulator are looking for new ways to handle increasing volumes of data. We expect a focus on cyber security, data sharing and upskilling of workforces to meet the challenges of working with AI, no doubt this will be a regulatory focus over the next few years.
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