On 3 February 2025, the House of Commons Treasury Committee published a call for evidence on artificial intelligence (AI) in financial services.
Background
The Treasury Committee highlights the widespread deployment of AI across various sectors within financial services, including retail banking, investment banking, insurance and pensions. It explains that, in light of this, it is launching this inquiry to explore how the UK financial services industry can take advantage of the opportunities in AI while mitigating any threats to financial stability and safeguarding financial consumers, particularly vulnerable consumers.
Areas covered by the call for evidence
The call for evidence seeks views on the following areas:
- How AI is currently used in different sectors of financial services and how it is likely to change over the next 10 years.
- The extent to which AI can improve productivity in financial services.
- The risks to financial stability arising from AI and how they can be mitigated.
- The benefits and risks to consumers arising from AI, particularly for vulnerable consumers.
- How Government and financial regulators can strike the right balance between seizing the opportunities of AI but at the same time protecting consumers and mitigating against any threats to financial stability.
Next steps
The deadline for responses is 17 March 2025 at 5pm. The Treasury Committee plans to decide on particular areas of focus once it has received the written evidence.