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ARTICLE · 08 NOVEMBER 2024

AI And Financial Stability: Questioning Tech-Agnostic Regulation In The UK?

Goodwin Procter LLP
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In our previous alert we mentioned a joint letter from the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) to the UK Government on their strategic approach to artificial intelligence (AI) and machine learning.

United KingdomTechnology
Andrew Henderson
Andrew Henderson
Gretchen Scott
Gretchen Scott
Glynn Barwick
Glynn Barwick
James Taylor
James Taylor
Matthew Dixon-Ward
Matthew Dixon-Ward

In our previous alert we mentioned a joint letter from the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) to the UK Government on their strategic approach to artificial intelligence (AI) and machine learning. The letter followed the UK Government's publication of its pro-innovation strategy, in February of this year.

The PRA, which is charged mainly with oversight of the stability of the banking system and financial position of banks and large investment banks in the UK, had welcomed the Government's principles-based, sector-led approach to AI regulation. The Government's approach, will see the PRA, along with the FCA, which is responsible for policing the behaviour of all UK financial institutions and the integrity of financial markets in the UK, taking the lead on regulating the use of AI in the financial sector.

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