The Bank of England and FCA’s Artificial Intelligence Public-Private Forum (AIPPF) was established to further constructive dialogue with the public and private sectors and to better understand the use and impact of artificial intelligence (AI) and machine learning (ML) in financial services. Membership of the AIPPF includes firms active in the development of AI, public authorities, and academics.
In October 2021, at the last quarterly meeting on specific topics, the AIPPF met to discuss the role of governance in the safe adoption of AI and ML in UK financial services. The focus of the meeting was to identify and discuss key issues relating to (i) roles and responsibilities, (ii) governance structures, (iii) transparency and communications, and (iv) standards, auditing and regulatory framework. Minutes of the meeting of the AIPPF are available here.
This summary below sets out the key discussion points that arose from the meeting and identifies their significance for financial services firms. The discussions between members of the AIPPF should not be taken as an indication of future policy by the Bank of England or the FCA, but it should inform the development of best practices by any financial services firm using AI and ML.
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