In January, MPs on the UK's Treasury Select Committee stated that the FCA, Bank of England and HM Treasury had adopted a "wait and see" approach in relation to the regulation of AI in the financial services industry, and questioned whether new rules were might be necessary to best govern the industry's use of it.
In relation to corporate oversight of AI use and how financial services firms may need to monitor third party use of such tools going forward when contracting with such entities, Natalia commented: “For boards, the key message is that outsourcing does not remove responsibility... Strengthening third-party oversight now will help firms prepare for the more stringent regime ahead,”