The aim of the report, according to its authors, is to inform and advance the debate about responsible AI in the context of financial services. This report was commissioned by the Financial Conduct Authority and considers a number of topics including AI challenges, benefits, and transparency. The report will be of use to all firms using, or contemplating, AI and machine learning and will support the FCA’s future work on digital markets

In the course of its research, the Institute and FCA conducted a series of roundtables, including one with the investment sector, facilitated by the IA.

It provides an introduction to relevant technological concepts, discusses general challenges and guiding principles for the adoption of AI, maps out potential benefits and harms associated with the use of AI in financial services, and examines the fundamental role of AI transparency in pursuing responsible innovation.

Of particular interest to members may be the sections on consumer protection, financial crime, stability of firms and markets, and cybersecurity.

The report is available to download here.