UK exposed to ‘serious harm’ by failure to tackle AI risks, MPs warn

Government, Bank of England and FCA criticised for taking ‘wait-and-see’ approach to AI use in financial sector

Consumers and the UK financial system are being exposed to “serious harm” by the failure of government and the Bank of England to get a grip on the risks posed by artificial intelligence, an influential parliamentary committee has warned.

In a new report, MPs on the Treasury committee criticise ministers and City regulators, including the Financial Conduct Authority (FCA), for taking a “wait-and-see” approach to AI use across the financial sector.