FCA publishes response to Government's AI White Paper

Today the FCA released an AI Update in response to the Government’s AI White Paper, outlining its roles and objectives in regulating the adoption of AI in financial services and its plan of work for the next twelve months. Please find attached a summary of the FCA's response.

The update is relevant to any businesses operating in the financial services sector using AI in their business models because it outlines the FCA’s current AI regulatory framework as well as plans for future regulations and innovation services to encourage testing of AI designs.

The Government also launched today a new pilot scheme to create an AI and Digital Hub, which aims to link AI and digital innovators with regulators and make it easier for businesses to comply with different regulatory regimes.

Insurtech UK will continue to monitor for updates from the FCA about AI regulation, and will pick this up during future conversations with FCA stakeholders.