Article ID: b31944086aa77bf4c06ca269fe61c0276c5220ebe3d17672877e8632c0ebfad2
Source ID: regulatory:bankofengland.co.uk
Published At: -
Extraction Method: trafilatura
URL: https://www.bankofengland.co.uk/research/fintech
Body Text
Artificial intelligence AI offers the potential to usher in significant efficiency gains, boost productivity and transform the financial services sector, as well as the broader economy. The use of AI has increased in the UK’s financial services over the past few years, in both the number and types of use cases. While it has many benefits, including improving operational efficiencies and providing customers with personalised services, it could also present challenges to the safety and soundness of firms, and the stability of the financial system. We are working proactively to ensure that the firms we regulate, and the wider financial system, can make safe and effective use of increasingly complex forms of AI. AI Consortium We launched the AI Consortium in May 2025 with the Financial Conduct Authority (FCA). It provides a platform for public-private engagement, gathering input from stakeholders on the capabilities, development, deployment and responsible use of AI in the UK’s financial services. The consortium brings together AI experts from across many sectors, offering diverse expertise and perspectives. View the Artificial Intelligence Consortium webpage Surveys on AI adoption We have conducted surveys with the FCA to further understand how AI and machine learning is being deployed in the UK’s financial services, and the impacts this may have on our statutory objectives. Previous work and publications on AI April 2025: The Financial Policy Committee (FPC) published a Financial Stability in Focus (FSiF) publication on Artificial intelligence in the financial system. April 2024: The Bank and the Prudential Regulation Authority (PRA) published a response to DSIT/HMT on our approach to AI. October 2023: Jointly with the FCA, we published a feedback statement on Artificial Intelligence and Machine learning, based on responses to our discussion paper. October 2022: In collaboration with the FCA, we published a discussion paper on Artificial Intelligence and Machine Learning. February 2022: With the FCA, we published The AI Public-Private Forum: Final report.
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