FCA and ICO letter on supporting AI, innovation and growth

The UK Financial Conduct Authority (FCA) and Information Commissioner's Office (ICO) have published a joint letter recognising the importance of providing regulatory clarity to the financial services sector on the use of AI and other technologies, in ways that support innovation. A recent FCA and Bank of England survey identified data protection and the Consumer Duty as being among the key regulatory constraints to AI deployment in the financial services industry.

The FCA and ICO will host a roundtable on 9 May to discuss the challenges firms are facing in adopting AI, how the FCA and ICO can collaborate with industry to promote regulatory certainty and support growth and specific areas of data protection and financial regulation where firms need greater regulatory support in order to innovate and adopt new technologies. Notification of intention to attend the roundtable should be sent by 21 March.

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