AI Regulation Still Hazy For UK Financial Firms

Concerns remain about consumer consent for financial services firms to use artificial intelligence (AI), and how they can seek redress for complaints about the technology, even as interest in the sector heats up.

As the opportunities presented by machine learning and automated systems are increasingly grasped by industry, particularly providers engaged in open banking, how use cases will be governed by law is still being shaken out by regulators. 

Despite the absence of an overarching regulatory framework for AI, the UK financial watchdog has warned firms that they need to consider the ethical implications of further use of robots to replace or complement humans when delivering services. 

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