[INSIGHTS]: FS2/23 – Artificial Intelligence and Machine Learning

ABOUT: Bank of England's latest publication delves into the evolving landscape of AI and ML in financial services.
LINK: FS2/23 – Artificial Intelligence and Machine Learning
Summary
The Bank of England, in collaboration with the Prudential Regulation Authority and the Financial Conduct Authority, has released a feedback statement on the discussion paper concerning Artificial Intelligence (AI) and Machine Learning (ML) in the financial sector. The document, titled "FS2/23 – Artificial Intelligence and Machine Learning," is a culmination of responses from various stakeholders to the initial discussion paper published in October 2022. It aims to summarize the feedback without offering policy proposals or indicating future regulatory actions. The feedback underscores the rapid evolution of AI capabilities and the need for 'live' regulatory guidance, emphasizing the importance of ongoing industry engagement and calling for greater regulatory coordination both domestically and international...