A survey of the selective committee of the Treasury of the House of Commons will examine how financial services use AI and innovation opportunities while protecting consumers from risks. It will take into account the potential effect of AI on the employment of the financial sector and how the United Kingdom is compared to other countries in terms of competitiveness and approach.
MPs will also examine the extent to which AI could compromise financial stability and the increase in cybersecurity risks.
A survey by the Bank of England from November 2024, artificial intelligence in British financial services, revealed that 75% of companies already used AI, with an additional 10% to use it over the next three years. However, the Treasury’s selected committee said that the recent launch of Chinese AI technology Deepseek has shown the volatility of the AI market and rapidly evolving nature.
“Successive governments have clearly indicated their intention to integrate and extend the use of AI to modernize the economy,” said the chairman of the committee, Dame Meg Hillier. “My committee wants to understand what it will look like for the financial services sector and how the city could change in the years to come because this transformation brings together the pace.
“It is extremely important that the city can capitalize on innovations in AI and continue to be a world leader in finance. However, we must be aware of ensuring that there are adequate guarantees in place to mitigate the associated risks, especially for customers. »»
The deadline for submission to the survey is Monday, March 17.