BoE’s AI Consortium explores AI’s role in financial services, focusing on benefits, risks, and safe adoption, while addressing growing concerns around financial crime, ethics, and resilience

by | May 2, 2025

The phrase “Shape Future” underscores the consortium’s role in influencing the evolution of financial crime detection and risk management, making it clear that the platform aims to bring innovation to these critical areas. It also emphasizes the dual nature of the...

Bank of England and FCA 2024 survey on AI and Machine learning in UK financial services, reveals a sharp increase in AI adoption, with 75% of firms now use AI, with growing reliance on third-party providers

by | Nov 21, 2024

Of the top five perceived current risks, four are related to data: data privacy and protection, data quality, data security, and data bias and representativeness. The risks that are expected to increase the most over the next three years are third-party dependencies,...

BoE and FCA consult on proposed approach to implementing and operating the Digital Securities Sandbox, an initiative run by the regulators intended to help facilitate the adoption of innovative technology

by | Apr 3, 2024

This initiative run by the regulators is intended to help facilitate the adoption of innovative technology in digital assets in the UK. The consultation is relevant to firms intending to apply to enter the DSS and be approved as a sandbox entrant, as well as firms...