The Bank of England has established an Artificial Intelligence (AI) Consortium, as work to increase the technology’s adoption in the UK intensifies.
Aiming to foster public-private collaboration, the Consortium will provide a platform for stakeholders to offer input on the development, deployment and use of AI in UK financial services.
Specifically, the Consortium aims to identify how AI is currently used or could be utilised in financial services, including new capabilities, deployment strategies and relevant technical developments. It also seeks to discuss the benefits, risks and challenges that arise from AI usage, considering both financial services firms and the broader financial system.
Additionally, it aims to inform the Bank of England’s approach to managing these risks and challenges while promoting the safe adoption of AI.
Chaired by Sarah Breeden, Deputy Governor for Financial Stability at the Central Bank, the group will meet quarterly, however, the Chair may adjust the meeting frequency if necessary. A summary of the discussions from these meetings will be prepared by the Secretariat and published on the Bank’s website.
The bank plans to recruit approximately 30 members for the group, selected for their expertise in AI and financial services. These members will participate in in-person or virtual meetings, including relevant workshops unless otherwise agreed upon with the Chair.
Additionally, members are expected to provide technical, analytical and business insights during discussions. Acting in a personal capacity, members will share perspectives that reflect their broader constituency rather than the specific interests of their organisations and will also contribute to workshop activities as needed.
Notably, the Consortium will not evaluate the Bank’s own use of AI. Its primary role is to guide the Bank’s approach to AI within the financial sector. However, there is no obligation for the Bank to act on the discussions or outcomes from the Consortium’s workshops, and the Consortium lacks decision-making authority.
This development comes after another important milestone in AI adoption, as earlier this month, Lord Chancellor Shabana Mahmood signed the first international treaty that establishes legal regulations for the safe use of AI.
