Westminster Business Forum

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AI in UK financial services - priorities for policy, sector development, innovation and safeguards

Morning, Friday, 28th March 2025

Online


The conference focuses on the way forward for UK policy and regulation for AI in financial services.


Stakeholders and policymakers will assess how best to harness AI’s potential to drive growth, improve productivity and expand access to innovative financial services, whilst managing potential risks, data concerns, public trust issues and uncertainties around impact.


Policy and regulation
Areas for discussion include implications for targeted policy support of the development of the Financial Services Growth and Competitiveness Strategy and the AI Opportunities Action Plan, as well as how barriers to the uptake of transformative technology can be addressed.


Customised approaches to policy and regulation for varying applications will be discussed, including investment management, counter-fraud and insurance, and improving back-office productivity. Delegates will consider developments and options for supporting the use of AI to stimulate innovation and competition, particularly through FinTechs and new market entrants.


Innovation
Attendees will assess initiatives for supporting innovation such as FCA sandboxes, the Digital Regulation Cooperation Forum’s AI and Digital Hub, and the Bank of England’s Artificial Intelligence Consortium. They will look at the future landscape for products and services, and the interaction of AI with wider advances in technology, including quantum and blockchain.


Managing risks
A further focus for the conference will be the future for managing risks while fostering innovation. Delegates will discuss implications of the Government’s growth-focused mandates for regulators, and strategic options for enabling regulatory approaches to remain fit for purpose, looking at how UK legislation and regulatory frameworks might need to evolve to effectively respond to challenges in areas such as service levels, fairness, security, safeguards and liabilities.


International comparisons
We expect discussion comparing the UK’s outcomes-based and technology-neutral regulatory framework with approaches in other jurisdictions. Legislative implications for AI in financial services will be assessed, including the Data (Use and Access) Bill, and whether reforms to the UK Corporate Governance Code or the Senior Management Certification Regime are necessary, including the potential need for AI risk committees and AI senior responsible owners.


Transitional risks
We also expect the agenda to bring out latest thinking on transition risks related to the use of AI, particularly its impact on traditional financial services jobs, as well as the evolving public perspectives on the acceptable use of AI in financial services.


We are pleased to include keynote sessions with: Ian Phoenix, Director, Intelligence and Digital, Financial Conduct Authority, Professor Pinar Ozcan, Entrepreneurship and Innovation, Said Business School, University of Oxford; and Rajnish Kumar, Head, Investment Technology and AI, Investment Platform, Allianz Global Investors.


Overall, areas for discussion include:

  • policy:
    • assessing recent developments and implications for AI in financial services - key considerations for legislative and regulatory frameworks going forward
    • the Financial Services Growth and Competitiveness Strategy - AI Opportunities Action Plan - Data (Use and Access) Bill - industrial strategy and further emerging policies
  • sector growth: data readiness - priorities for adequacy and interoperability - potential role of planning reforms and new devolution arrangements in supporting local growth
  • regulation: evaluating current mandates of BoE, FCA and PRA - clarity for stakeholders - considering dedicated AI oversight - assessing growth-focused objectives and competition reforms
  • risk mitigation: anticipating macroprudential pressures on financial stability - roles of regulatory sandboxes and consortia - addressing risks of fraud, data breaches and AI hallucinations
  • support for innovation: fostering diverse market entry - developing corporate governance to address AI risks - exploring quantum and blockchain integration
  • workforce development: identifying skill gaps and training needs - fostering responsible innovation cultures - supporting redeployment in response to automation
  • public trust: addressing consumer scepticism towards AI-driven services - balancing automation with human interaction - ensuring transparency and accountability in decision-making
  • sector attitudes: clarity on future potential - appraising productivity claims - identifying killer apps and new use-cases - current technological limitations - developing strategic adoption paths

All delegates will be able to contribute to the output of the conference, which will be shared with parliamentary, ministerial, departmental and regulatory offices, and more widely. This includes the full proceedings and additional articles submitted by delegates. As well as key stakeholders, those due to attend include officials from GLD; HMRC; HM Treasury; Home Office; and NCSC.



Keynote Speakers

Ian Phoenix

Director, Intelligence and Digital, Financial Conduct Authority

Professor Pinar Ozcan

Entrepreneurship and Innovation, Said Business School, University of Oxford

Rajnish Kumar

Head, Investment Technology and AI, Investment Platform, Allianz Global Investors

Keynote Speakers

Ian Phoenix

Director, Intelligence and Digital, Financial Conduct Authority

Professor Pinar Ozcan

Entrepreneurship and Innovation, Said Business School, University of Oxford

Rajnish Kumar

Head, Investment Technology and AI, Investment Platform, Allianz Global Investors

Speakers

Emma Wright

Partner, Harbottle and Lewis; and Expert Without Borders on Global AI Regulation, UNESCO

Olivia Larkin

Head, Skills and Workforce Policy, City of London Corporation

Deborah O’Neill

Partner, UK Head of Digital, Oliver Wyman