The FCA will host a roundtable with banking industry leaders to address concerns that strict compliance requirements are hindering investment in artificial intelligence.
According to a recent survey conducted by the FCA and the Bank of England, data protection and the Consumer Duty were identified as the top regulatory constraints affecting AI deployment within financial services. The FCA noted that these findings suggest some firms lack confidence in developing and adopting AI technology, potentially due to uncertainty surrounding the interplay of various regulatory frameworks.
The roundtable discussion, scheduled for May in London, aims to explore the challenges firms face in balancing innovation with regulatory obligations and to gain insights into the barriers to AI adoption.