Morning, Friday, 28th March 2025
Online
This conference will focus on integration of AI into UK financial services, looking at how public policy and regulatory frameworks can adapt and support.
It will be an opportunity for stakeholders and policymakers to assess how AI’s potential to drive growth, improve productivity, and expand access to innovative financial services can be harnessed, whilst also managing potential risks, data concerns, public trust issues, and uncertainties around impact.
Sessions in the agenda will consider implications for targeted policy support arising from the development of the Financial Services Growth and Competitiveness Strategy and the Artificial Intelligence Opportunities Action Plan, as well as identifying barriers to the uptake of transformative technology.
Delegates will discuss potential applications of AI beyond customer service responses, including the use of AI applications in investment management, counter-fraud and insurance, and improving back-office productivity. They will explore what is needed from policy and development of applications for AI to achieve its full potential in stimulating innovation and competition, particularly through FinTechs and new market entrants.
The role of regulation in supporting innovation will also be assessed, looking at priorities for initiatives such as FCA sandboxes, the Digital Regulation Cooperation Forum’s AI and Digital Hub and the Bank of England’s Artificial Intelligence Consortium. Delegates will discuss how UK legislation and regulatory frameworks might need to evolve to effectively respond to challenges in areas such as service levels, fairness, security, safeguards and liabilities. They will examine whether the current regulatory approach remains fit for purpose, in light of new growth-focused mandates for regulators. Sessions will also look towards future products and services, exploring interactions of AI with developments in quantum technology and blockchain.
Legislative implications for AI in financial services will be assessed, including the Data (Use and Access) Bill, and whether reforms to the UK Corporate Governance Code or the Senior Management Certification Regime are necessary, including the potential need for AI risk committees and AI senior responsible owners.
Overall, with the agenda currently in the drafting stage, areas for discussion include:
- policy: the Financial Services Growth and Competitiveness Strategy - AI Opportunities Action Plan - Data (Use and Access) Bill - industrial strategy and further emerging policies
- implications: assessing recent developments and the impact on AI in financial services - key considerations for legislative and regulatory frameworks going forward
- sector growth: data readiness - priorities for adequacy and interoperability - potential role of planning reforms and new devolved arrangement in supporting local growth
- workforce development: identifying skill gaps and training needs - fostering responsible innovation cultures - supporting redeployment through moves to automation
- public trust: addressing consumer scepticism towards AI-driven services - balancing automation with human interaction - ensuring transparency and accountability in decision-making
- regulation: evaluating current mandates of BoE, FCA, and PRA - clarity for stakeholders - considering dedicated AI oversight - assessing growth-focused objectives and competition reforms
- risk mitigation: anticipating macroprudential pressures on financial stability - roles of regulatory sandboxes and consortia - addressing risks of fraud, data breaches and AI hallucinations
- support for innovation: fostering diverse market entry - developing corporate governance to address AI risks - exploring quantum and blockchain integrations
- sector attitudes: clarity on future potential - appraising productivity claims - identifying killer apps and new use-cases - current technological limitations - developing strategic adoption paths
