Financial Conduct Authorities will look for regulators that are suitable for the UK financial markets from next week to work with regulators.
The regulator’s AI field testing program will enable the regulator’s regulatory and technical teams to work directly with the company to develop and evaluate working AI models.
“We are putting AI real-time testing into the mix. Applications for AI real-time testing will be conducted next week,” said Jessica Rusu, chief data, information and intelligence officer at FCA (pictured).
Rusu added that regulators want to see “how we can help companies deploy secure and responsible AI that benefits UK consumers and markets”.
Rusu’s comments spoke this morning at the London Municipal Week’s AI and Digital Innovation Summit.
Regulators are expected to receive applications from the company’s CIO, Chief AI Officer, Chief Data Officer and AI solution provider.
Lusu said the company is eager to “access synthetic data, sharing tools and AI evaluation technologies to help encourage experiments.”
“Companies tell us that collaboration and transparency will be the key to success: they want to learn both from us and from each other.
“This means sharing best practices and department-specific insights.”
Rusu added: “One topic worth mentioning is the issue of regulatory uncertainty. Some respondents expressed concerns about potentially ambiguous governance frameworks that prevent companies from innovating with AI.
“We have become clear that we believe that our existing frameworks, such as the regime and consumer responsibilities of senior managers, can enable us to monitor AI in financial services, which means we don’t need new rules.”
However, last month, the Financial Conduct Authority and the Office of the Information Commissioner said they planned to develop new rules on the use of AI across financial services companies.
“To support good practice in the future, we will develop statutory codes of practice for organizations that make or deploy AI and automated decisions – enabling innovation while protecting privacy,” FCA CEO Nikhil Rathi and UK Information Commissioner John Edwards said in a joint statement.
They added: “Do it right, regulation is not the brake of innovation. It is a bridge that connects creativity with public trust.
“Using the right approach, regulations become enablers: providing certainty that businesses need to invest responsibly, experiment and develop.”
