AI in Financial Services – MPs to investigate the risks and opportunities
The Treasury Committee will hold the first session of its inquiry into AI in financial services on Wednesday 7 May.
Meeting details
A recent survey by the Bank of England and the Financial Conduct Authority found that 75% of firms in the financial services sector already use AI and that a further 10% plan to do so over the next three years.
In this session, MPs will seek to understand how AI is currently being used, what its future impact is likely to be and the risks involved in more widespread usage.
MPs are likely to explore how AI could impact employment and skills in the sector and ask whether AI improves consumer outcomes or leads to increased bias. MPs may also examine how AI models use data and whether new regulations are required to protect data against potential breaches or misuse.
The Committee is likely to look at whether the widespread use of AI could increase the complexity and scale of fraud and cyber security threats, or pose risks to financial stability. MPs could also investigate the potential risks of the Government’s proposed ‘pro-innovation’ approach to AI regulation.