The UK’s financial regulators have responded to the government’s White Paper on its approach to regulating the use of artificial intelligence and machine learning (AI). Publications from the Financial Conduct Authority (FCA), the Bank of England and the Prudential Regulation Authority (PRA), each dated 22 April 2024, signal a principles-based approach for the UK financial sector in relation to AI and indicate that regulated entities are unlikely to be bound by prescriptive rules specifically governing the use of AI, at least for the foreseeable future. See our article below.
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The UK’s financial regulators have responded to the government’s White Paper on its approach to regulating the use of artificial intelligence and machine learning. Publications from the FCA, the BoE and the PRA, signal a principles-based approach for the UK financial sector in relation to AI. In light of this, regulated firms are unlikely to be bound by prescriptive rules specifically governing the use of AI, at least for the foreseeable future.
UK: The FCA, Bank of England and PRA issue their strategic approach to regulating AI in response to the government’s AI White Paper
engage.hoganlovells.com
-
The UK’s financial regulators have responded to the government’s White Paper on its approach to regulating the use of artificial intelligence and machine learning (AI). Publications from the Financial Conduct Authority (FCA), the Bank of England and the Prudential Regulation Authority (PRA), each dated 22 April 2024, signal a principles-based approach for the UK financial sector in relation to AI and indicate that regulated entities are unlikely to be bound by prescriptive rules specifically governing the use of AI, at least for the foreseeable future. Our thoughts in the attached #AI #Fintech
UK: The FCA, Bank of England and PRA issue their strategic approach to regulating AI in response to the government’s AI White Paper
engage.hoganlovells.com
-
The UK’s financial regulators have responded to the government’s White Paper on its approach to regulating the use of artificial intelligence and machine learning. Publications from the Financial Conduct Authority, the Bank of England and the Prudential Regulation Authority, each dated 22 April 2024, signal a principles-based approach for the UK financial sector in relation to AI and indicate that regulated entities are unlikely to be bound by prescriptive rules specifically governing the use of AI, at least for the foreseeable future. #AI #Regulators
UK: The FCA, Bank of England and PRA issue their strategic approach to regulating AI in response to the government’s AI White Paper
engage.hoganlovells.com
-
The UK’s financial regulators have responded to the government’s White Paper on its approach to regulating the use of artificial intelligence and machine learning. Publications from the Financial Conduct Authority, the Bank of England and the Prudential Regulation Authority, each dated 22 April 2024, signal a principles-based approach for the UK financial sector in relation to AI and indicate that regulated entities are unlikely to be bound by prescriptive rules specifically governing the use of AI, at least for the foreseeable future. #AI #Regulators
UK: The FCA, Bank of England and PRA issue their strategic approach to regulating AI in response to the government’s AI White Paper
engage.hoganlovells.com
-
Financial Regulation Partner, Co-Head of Hogan Lovells Fintech Practice, Partner Lead Fintech Mentor Program
The UK’s financial regulators have responded to the government’s White Paper on its approach to regulating the use of artificial intelligence and machine learning. Publications from the Financial Conduct Authority, the Bank of England and the Prudential Regulation Authority, each dated 22 April 2024, signal a principles-based approach for the UK financial sector in relation to AI and indicate that regulated entities are unlikely to be bound by prescriptive rules specifically governing the use of AI, at least for the foreseeable future. #AI #Regulators
UK: The FCA, Bank of England and PRA issue their strategic approach to regulating AI in response to the government’s AI White Paper
engage.hoganlovells.com
-
The UK’s financial regulators have responded to the government’s White Paper on its approach to regulating the use of artificial intelligence and machine learning. Publications from the Financial Conduct Authority, the Bank of England and the Prudential Regulation Authority, each dated 22 April 2024, signal a principles-based approach for the UK financial sector in relation to AI and indicate that regulated entities are unlikely to be bound by prescriptive rules specifically governing the use of AI, at least for the foreseeable future. #AI #Regulators
UK: The FCA, Bank of England and PRA issue their strategic approach to regulating AI in response to the government’s AI White Paper
engage.hoganlovells.com
-
The UK’s financial regulators have responded to the government’s White Paper on its approach to regulating the use of artificial intelligence and machine learning. Publications from the Financial Conduct Authority, the Bank of England and the Prudential Regulation Authority, each dated 22 April 2024, signal a principles-based approach for the UK financial sector in relation to AI and indicate that regulated entities are unlikely to be bound by prescriptive rules specifically governing the use of AI, at least for the foreseeable future. #AI #Regulators
UK: The FCA, Bank of England and PRA issue their strategic approach to regulating AI in response to the government’s AI White Paper
engage.hoganlovells.com
-
The UK’s financial regulators have responded to the government’s White Paper on its approach to regulating the use of artificial intelligence and machine learning. Publications from the Financial Conduct Authority, the Bank of England and the Prudential Regulation Authority, each dated 22 April 2024, signal a principles-based approach for the UK financial sector in relation to AI and indicate that regulated entities are unlikely to be bound by prescriptive rules specifically governing the use of AI, at least for the foreseeable future. #AI #Regulators
UK: The FCA, Bank of England and PRA issue their strategic approach to regulating AI in response to the government’s AI White Paper
engage.hoganlovells.com
-
Achieves exceptional results in fundraising / primary investments / secondary transactions
The UK’s financial regulators have responded to the government’s White Paper on its approach to regulating the use of artificial intelligence and machine learning. Publications from the Financial Conduct Authority, the Bank of England and the Prudential Regulation Authority, each dated 22 April 2024, signal a principles-based approach for the UK financial sector in relation to AI and indicate that regulated entities are unlikely to be bound by prescriptive rules specifically governing the use of AI, at least for the foreseeable future. #AI #Regulators
UK: The FCA, Bank of England and PRA issue their strategic approach to regulating AI in response to the government’s AI White Paper
engage.hoganlovells.com
-
Associate (Financial Services Regulatory) at Hogan Lovells | NY and England & Wales Qualified
The UK’s financial regulators have responded to the government’s White Paper on its approach to regulating the use of artificial intelligence and machine learning. Publications from the Financial Conduct Authority, the Bank of England and the Prudential Regulation Authority, each dated 22 April 2024, signal a principles-based approach for the UK financial sector in relation to AI and indicate that regulated entities are unlikely to be bound by prescriptive rules specifically governing the use of AI, at least for the foreseeable future. #AI #Regulators
UK: The FCA, Bank of England and PRA issue their strategic approach to regulating AI in response to the government’s AI White Paper
engage.hoganlovells.com
Insightful update on the UK's regulatory stance towards AI in finance; it'll be interesting to see how this principles-based approach unfolds in practice.