Firms are using AI to drive efficiency, support decision-making and deliver better outcomes for consumers and markets. We want to support that innovation. But it must be safe, responsible and well governed.We have been clear that we are not going to introduce new regulations for AI. Instead, we’ll rely on existing frameworks, including the Consumer Duty, the Senior Managers and Certification Regime (SM&CR), and our expectations on governance and controls.We recognise that AI can raise new and practical questions, and we want to help industry to tackle these. So, we are speaking to firms on topics such as:How firms oversee and govern AI.How they test models and monitor outcomes.How they ensure fair treatment for customers, including those with features of vulnerability.How they explain AI-driven decisions.We will share good and poor practice later this year on questions like these to better support firms in adopting AI safely and responsibly and as we see AI technology develop.As we see AI technology continue to develop, we’ll share what we learn.
CLICK HERE to read this article and more on FCA.
What is FCA? We protect people by helping them understand some of the most common risks they might come across when using financial services.
We publish warnings about firms that are doing business without our authorisation, and we encourage consumers to report scams, potential harm or bad conduct to us.
Our ScamSmart campaign targets individuals who are most at risk of investment fraud and pension scams. Our InvestSmart campaign also warns newer investors about the risks of investing online.
We want to help consumers protect themselves, so we work with consumer organisations to raise awareness of what we do. These organisations also help inform our approach to regulation.