The UK Treasury Committee has published a call for evidence on AI in financial services, in light of growing use of the technology across the sector including in retail banking, investment banking, insurance and pensions. The Committee welcomes evidence on issues such as: (i) how AI is currently used in different sectors of financial services and how that is likely to change over the next ten years; (ii) the extent to which AI can improve productivity in financial services; (iii) any risks to financial stability arising from AI and possible mitigating actions; (iv) any benefits and risks to consumers arising from AI; and (v) how the government and regulators can strike the right balance between capitalizing on AI opportunities while protecting against threats to consumers and financial stability.
The deadline for responses is 17 March 2025. The Committee will decide on particular areas of focus once it has received the written evidence.
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