On 25 September 2024, the Bank of England (BoE) announced that it is establishing an artificial intelligence (AI) consortium, which will act as a platform for public-private engagement to gather input from stakeholders on the capabilities, development and use of AI in UK financial services.
The AI consortium
The AI consortium’s specific aims are to:
- Identify how AI is or could be used in financial services, for example by considering new capabilities, deployments and use cases as well as technical developments where relevant.
- Discuss the benefits, risks and challenges arising from the use of AI, which may be with respect to financial services firms or with respect to the wider financial system.
- Inform the BoE’s approach to addressing risks and challenges, and promoting the safe adoption of AI.
Membership call for interest
The BoE has launched a call for interest for membership of the AI consortium, with a closing date of 8 November 2024. The BoE plans to review all applications and select around 30 members, based on the selection criteria which relate to knowledge and experience, understanding of policy perspective, and time commitment. The consortium seeks to draw on a rich variety of knowledge and experiences amongst its members, and further details are set out on the call for interest webpage.