Financial Stability: Private Equity Firms Debate
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Lord Livermore
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Financial Stability: Private Equity Firms
Lord Livermore Excerpts(11 months, 2 weeks ago)
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Baroness Vere of Norbiton (Con)
I have not been following those interventions from the former governor, the noble Lord, Lord King, but I shall certainly look at them.
Lord Livermore (Lab)
My Lords, the Bank of England has recently warned of the risks to financial stability posed by artificial intelligence and machine learning, with the bank’s Financial Policy Committee identifying the potential for system-wide risk, herding behaviour and increased cyber risk. Does the Minister believe that regulators have sufficient powers, and that existing powers are sufficiently future-proofed, to deal with emerging risks to financial stability from rapid technological advances, including but not limited to AI?
Baroness Vere of Norbiton (Con)
I accept that the AI regulatory system is still in development, but that is not unique to the United Kingdom. The AI summit convened by the Prime Minister made good steps in the right direction.