ECON report on impact of AI on the financial sector

The European Parliament's Committee on Economic and Monetary Affairs (ECON) has adopted its final report on the impact of AI on the financial sector. This follows the draft report published in May, which highlighted concerns around regulatory overlaps and legal uncertainty, and set out recommendations to encourage responsible use of AI in financial services. This final report builds on those recommendations, reinforcing the need for clarity on how existing financial and other regulations interact with the EU AI Act. It advocates for proportional supervisory approaches and supporting measures, such as the issuance of clear and practical guidance by the European Commission, to foster innovation while safeguarding market integrity. Further, the report emphasises that current sectoral legislation on AI is sufficient to cover AI deployment in its present form but highlights the importance of continuous monitoring to identify any duplications or gaps in the current financial services legislation applicable to AI deployment, especially with a view to safeguarding consumer rights and the right to privacy.

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