The Bank and the PRA’s response to DSIT/HMT: update on our approach to AI

This update is published in response to the DSIT Secretary of State and Economic Secretary to the Treasury and City Minister’s request for an update on the Bank and PRA’ s strategic approach to AI. As the Government’s AI White Paper sets out, AI/ML are rapidly developing technologies with the potential to enhance the financial services sector in the UK and globally. To support the safe adoption of AI/ML, we have been working to explore the adoption and use of these technologies by financial services firms, and their potential implications for our statutory objectives and regulatory framework, which we outline in more detail in this update.