US EditionMPs call for AI stress testing in financial services
- Today the Treasury Select Committee urged the Bank of England and the FCA to run AI-specific stress tests, pressed HM Government to designate AI and cloud providers under the Critical Third Parties Regime, and recommended the FCA publish AI guidance by the end of this year.
- Based on the evidence the Committee heard, it found worrying gaps in UK financial services firms’ AI readiness, noting consumer risks like financial exclusion, misinformation, and fraud amid no AI-specific regulation.
- The FCA has already begun measures, including launching its AI live testing service in April 2025 and planning a joint statutory code with the Information Commissioner’s Office in June 2025.
- The Government said on Tuesday that Harriet Rees and Dr Rohit Dhawan will serve as unpaid AI champions reporting to Lucy Rigby from January 20 2026, while the Bank of England and FCA will consider the Committee's recommendations.
- The Committee warned a 'wait and see' approach may expose people and the financial system to 'potentially serious harm' as AI risks grow, impacting the sector contributing 294 billion.
24 Articles
24 Articles
Britain needs ‘AI stress tests’ for financial services, lawmakers say
LONDON, Jan 20 (Reuters) – Britain’s financial watchdogs are not doing enough to stop artificial intelligence from harming consumers or destabilising markets, a cross‑party group of lawmakers said on Tuesday, urging regulators to move away from what it called a “wait and see” approach. In a report on AI in financial services, the Treasury Committee said the Financial Conduct Authority and the Bank of England should start running AI‑specific str…
UK Lawmakers Call for AI Stress Tests on Banks as Risks Mount
Britain’s financial regulators should start stress-testing the risks posed by artificial intelligence because their current wait-and-see approach leaves the public and economy in danger of “serious harm,” a group of lawmakers warned.
UK Lawmakers Urge Action on AI Financial Risks
A cross-party group of UK lawmakers has criticised Britain’s financial watchdogs for their approach to artificial intelligence, stating not enough is being done to prevent harm to consumers or market instability. The Treasury Committee’s report on AI in financial services calls for a shift away from the current “wait and see” stance. They are urging the Financial Conduct Authority (FCA) and the Bank of England to implement AI-specific stress tes…
UK Parliament Warns Of AI Risks In Financial Sector
The UK Parliament Treasury Committee’s newly published report highlights that 75% of the country’s financial services firms are now using AI. It warns the BoE and FCA about the technology’s possible risks to consumer protection and its potential to trigger a financial crisis. Artificial Intelligence (AI) has quickly moved from a niche to a mainstream application. On Tuesday, the UK Parliament released its report on the industry and its impact on…
Coverage Details
Bias Distribution
- 67% of the sources lean Left
Factuality
To view factuality data please Upgrade to Premium
