On 9 April 2025 the European Commission (the Commission) launched a public consultation on the proposal for a Cloud and AI Development Act. The initiative forms part of the Commission’s AI Continent Action Plan that was published the same day. In the accompanying Call for Evidence, the Commission sets out background to its proposed initiative
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Failure to Prevent Fraud: New guidance for the financial services sector
Following publication of the government’s guidance in November 2025 and ahead of the new offence coming into force on 1 September 2025, UK Finance has published guidance for the financial services sector on failure to prevent fraud (FtPF) which it says “should be taken into account by a supervisory or enforcement agency when considering and/or…
Treasury Committee launches call for evidence on AI in financial services
On 3 February 2025, the House of Commons Treasury Committee published a call for evidence on artificial intelligence (AI) in financial services.
Background
The Treasury Committee highlights the widespread deployment of AI across various sectors within financial services, including retail banking, investment banking, insurance and pensions. It explains that, in light of this, it is…
FCA research note – bias in AI
On 11 December 2024, the FCA issued the first in a series of research notes on bias in artificial intelligence (AI).
The note provides a review of available academic and ‘grey’ literature to explore how biases may arise and may be mitigated in supervised machine learning models used to make predictions or assist in decision-making…
Engaging with the machine: AI and financial stability − speech by Sarah Breeden
On 31 October 2024, Sarah Breeden (Deputy Governor, Financial Stability, Bank of England (BoE)) gave a speech at the HKMA-BIS Joint Conference on Opportunities and Challenges of Emerging Technologies in the Financial Ecosystem. In this speech, Ms Breeden explores the novel features of Generative AI (GenAI), and how we can uphold financial stability whilst harnessing…
FCA speech on ten years of innovation and launch of new AI Lab
On 17 October 2024, the Financial Conduct Authority (FCA) published a speech on “Ten years of FCA innovation: impact and opportunity” which was delivered by its chief data, information and intelligence officer, Jessica Rusu, at an FCA Innovation 10th anniversary event.
FCA innovation over the past 10 years
The speech notes that 10 years ago,…
FCA speech – International regulatory developments affecting investment management
On 5 June 2024, the FCA published a speech by its Chief Executive, Nikhil Rathi, entitled International regulatory developments affecting investment management.
In his speech Mr Rathi begins by highlighting some of the key international initiatives that the FCA is involved with. This includes joint work with the Financial Stability Board on the design…
Joint Statement: EU-UK Financial Regulatory Forum, May 2024
On 24 May 2024, there was published a joint statementbetween HM Treasury and the European Commission covering the second EU-UK Financial Regulatory Forum. This forum was established following the signing of the UK-EU Memorandum of Understanding on Financial Services Cooperation on 27 June 2023.
In the joint statement the UK and EU summarise their…
FCA Market Watch 79
On 9 May 2024, the Financial Conduct Authority (FCA) published Market Watch 79.
In this edition of Market Watch the FCA discusses:
- Failures of market abuse surveillance caused by issues with factors such as data and automated alert logic.
- The FCA’s recent peer review of firms’ testing of front-running surveillance models.
Market abuse…