Financial Conduct Authority’s Post

Yeah... color me skeptical on this. The FCA are no friends of innovation and the wading in on AI is expected but it gives you that feeling in the pit of your stomach that this won't end well. AI is not like Blockchain, or similar. What I mean is that it is something that will be so legion within all our businesses that regulating AT ALL is going to be difficult. Now ask the FCA to get involved with creating rules around the use of AI and I guarantee it won't be pretty. This is the likelihood in the UK; AI advice.. there is too much scope for advisors to blame AI if it goes wrong. It is likely to be banned. AI trading.. already goes on, but when it is available to retail at scale, probably banned. AI regulatory reporting... You will only be able to use an FCA approved (probably Salesforce) AI system. Reg Data is ancient, virtually unworkable and, in my opinion, pointless. As will be its AI replacement. I am aware I am a Debbie Downer on the FCA but it's just the way it is. AI could make regulations so much easier to deal with, make interactions with the FCA less tortuous and propel the UK back to a financial services powerhouse. Unfortunately there will be a year of consultation documents where industry will be ignored and some Draconian rule created that will force financial services into other jurisdictions that have embraced AI Don't hate the player, hate the game.

🔥 This week, Peter Renton hosts the Fintech Nexus 5 and takes us through 5 key takeaways from Lex Sokolin's insightful piece in The Fintech Blueprint entitled, "The Difference Between Generative AI and Machine Learning for Finance." To read the full article, link in the comments below. And we'd love to hear your thoughts so please drop those below as well. #fintech #artificialintelligence #AI #machinelearning #ml #finance #generativeai

Where do you stand on #GenerativeAI as it pertains to the financial services industry? I read a very interesting article (linked below) that shed some light on the benefits of using Generative AI...and the consequences to firms if they don’t adopt this technology soon. Leave me a comment below with your thoughts on the subject. https://hubs.li/Q02vzVxf0 #FinTech #WealthManagement #Technology

Listen to the Money Pot podcasters tackle the challenges of making your firm #AI ready. They talk about unlocking the potential of AI in #fintech and how to stay compliant while using it. https://hubs.la/Q02vSksJ0

💡 #StatSpotlight: Did you know that an impressive 86% of financial services AI adopters believe that adopting this technology is absolutely critical to their business's success within the next two years? In a recent survey, the resounding potential of AI is crystal clear. As the financial landscape evolves, innovation takes center stage, and at Panasa Tech, we're at the forefront of this evolution. Eager to elevate your financial services game? Reach out today and let's forge an AI-powered path together! https://lnkd.in/gdsER6jy #ArtificialIntelligence #AI #DigitalTransformation #Fintech #Technology

Fantastic chat with David Birch on many topics including Digital Identity and AI, amongst other things! David Tighe #fintech #innovation #digitalidentity #AI

Great contribution by Brian McElligott of MHC on the AI discussion panel at the Irish Times Innovation Awards today. At MHC we are committed to the evolving area of AI and advising our clients in safe and appropriate usage. This is an area that increasingly is being focused on by financial regulatory authorities globally and our multitalented team at MHC has unrivaled capabilities in this area. #fintech #fintechinnovation #ai #itinnovation

Check out this article published by Tech Bullion titled ‘AI forces how we define the lifespan of technology’ http://mvnt.us/m1811107 #AI #FinTech #TechNews

Join us at our Second Annual #AdvisorsToWatch Summit, where Andrew Altfest, CFP® of FP Alpha will shed light on how AI is assisting advisors in providing advanced planning to their entire client base https://lnkd.in/eEpfbj2j #wealthmanagement #ai #fintech #bestpractices

Join us next week to connect with our experts and gain valuable insights into the driving forces behind credit origination growth. Our speakers will delve into the dynamic realms of AI and machine learning, showcasing how these technologies are reshaping the lending landscape. Secure your spot now and be part of the conversation that's shaping the future of lending. Register today! https://lnkd.in/emMusrBG #CreditOrigination #AI #MachineLearning #FinTech #SASRiskModeling