The Financial Conduct Authority will host a roundtable on AI with industry leaders after findings show that the Consumer Duty is a key constraint against firms taking up the technology.
The City watchdog and the Information Commissioner’s Office will host a meeting with directors in London on 9 May to discuss “ways that support responsible innovation and create benefits for the public,” the watchdogs wrote in a letter dated 10 March.
The Financial Conduct Authority noted that firms said that the Consumer Duty and data protection were among the top three regulatory constraints against adopting AI in a poll it conducted along with the Bank of England.
The letter, signed by Financial Conduct Authority chief executive Nikhil Rathi, said: “These survey results appear to demonstrate a lack of confidence amongst some firms to develop and adopt AI technology, as well as potential uncertainty around the interactions between our regulatory regimes.”
Both bodies said they were “fully aligned with the UK government’s desire for regulators to help foster economic growth” ahead of the meeting with city leaders.
The regulators said the agenda will cover:
- Broad areas of regulatory uncertainty relating to AI adoption and wider innovation
- How the ICO and FCA can provide greater regulatory certainty to support growth
- Specific areas of data protection and financial regulation where firms need greater support
