On 17 February 2022, the Artificial Intelligence Public-Private Forum (AIPPF) published its final report.
The forum was launched by the Bank of England (BoE) and the FCA on 12 October 2020 for the purpose of furthering dialogue on artificial intelligence (AI) innovation between the public and private sectors.
The report summarises the key issues discussed by the AIPPF members. In particular, the challenges and risks associated with the use of AI in financial services, including examples of how to address and mitigate them. The report also highlights considerations for the regulatory framework and how it can support the adoption of AI. Given this is an evolving area and there are still many unanswered questions, what “good” looks like can differ depending on the situation.
To support further discussion about what an appropriate role for regulators might look like, the BoE and FCA will publish a Discussion Paper on AI later this year. It will build on the work of the AIPPF and broaden their engagement to a wider set of stakeholders. The Discussion Paper will aim to provide clarity around the current regulatory framework and how it applies to AI, ask questions about how policy can best support further safe AI adoption, and give stakeholders an opportunity to share their views.