Financial leaders call on UK government to introduce AI regulation

credit: Shutterstock
credit: Shutterstock

Leaders from across the UK’s financial sector congregated last night at the Parliament Digital Economy summit to call on government officials to regulate artificial intelligence (AI) to boost market confidence. 

Organised by the Parliament Street think tank and hosted by Dean Russell, MP for Watford, individuals from the fintech, finance and cryptocurrency spaces voiced their opinions on why AI regulation will not only be beneficial for growing their respective sectors, but by safeguarding businesses and consumers alike. 

Fergus Speight, EVP & GC at ZILO Technology, said: “Fintech has an outsize role to play in raising the growth rate of the UK economy.

“Key ingredients for digital economy businesses are ideas, people, access to capital and policies to support these. Policymakers have a challenge to provide certainty and protect innovators, investors, and the public.”

Speight was one of 75 industry leaders, academic and chief executives who attended the Parliament Digital Economy summit, as proposals were debated as to best practices on how and when the emerging technology should be properly regulated. 

credit: Parliament Street think tank

Solomon Fazel, Implementation Manager of DKK Partners, addressed the importance of wisely using taxation from businesses in order to facilitate regulations and rules that would be put into use to further develop that business and the overall growth of the UK digital economy. 

He shared: “It’s important to scrutinise taxation for businesses, but what’s more important is how the money is being spent and the impact that has on the digital economy.”

Bletchely, London, was the host of the inaugural AI Safety Summit last November, where world leaders congregated to discuss and formulate plans to unify rules and regulations surrounding AI, ultimately leading to the Bletchley Pact, signed by world leaders from the likes of the UK, the US, China and more. 

Geoff Garrett, Co-Founding Director at Henry Dannell, emphasised collaboration even further, only this time signalling the importance of client-advisor interactions can be greatly simplified and strengthened through the use of AI. 

He said: “We operate in a relationship driven environment where the client/adviser interaction is paramount to driving successful outcomes. 

“As the regulatory environment has become heightened, the adviser will now spend more time making sure the file illustrates why the advice given is both good advice and suitable for the clients’ requirements. This will inevitably lead to the clients spending less time with their adviser which is to their detriment. 

“The Henry Dannell team are producing technology-based solutions to enhance the client journey and to allow more opportunity to develop those precious client/adviser relationships.”

credit: Parliament Street think tank

When it comes to fostering payment innovation, particularly within the digital asset space, Mimi Kufuor, Chief Operating Officer at KoinKoin, believes that secure AI regulation will provide a “crucial link” to facilitate digital transactions from the UK to across the globe. 

Kufor added: “In the era of global digital asset transformation, our company serves as a crucial link between the evolving UK digital economy and the thriving African business sphere. 

“Positioned as a vital conduit, we are poised to facilitate seamless transactions, fostering collaborative growth in these dynamic economic landscapes.”

Concerns regarding AI’s potentially dangerous impact on all facets of society will continue as long as there is no definitive regulation to safeguard people and businesses from those risks. 

The rapid development of generative AI has in turn, accelerated regulation talks across the world which bodes well for the united front a majority of world leaders are treating when it pertains to risk management, as well as tapping into the limitless benefits AI can provide.