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The regulation of AI in financial services: different approaches
The role of Artificial Intelligence (AI) in the financial services sector is increasing and with it the question of how best to regulate it. Financial services are already way ahead in digitisation and AI is likely to revolutionise the way in which firms provide services to consumers. However alongside the opportunities afforded by AI there are also significant challenges around how AI can be regulated safely and effectively whilst still being able to harness its full potential. The European Union (EU) has now put in place prescriptive legislation to control the use of AI whereas to date the UK government has been more reluctant to introduce specific legislation preferring a “light touch” approach.
The EU
The EU AI Act came into force on 1 August 2024. With it the EU has introduced the...
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