Question to the HM Treasury:

To ask His Majesty's Government what measures they are considering to support the responsible deployment of AI across UK financial services.

As set out in the Government’s Financial Services Growth and Competitiveness Strategy, it is our ambition to make the UK ”the world’s most technologically advanced global financial sector”, leveraging our dual strengths in financial services and Artificial Intelligence (AI) to drive growth, productivity, and deliver consumer benefits, including steps to support safe AI deployment across the sector.

As committed to in the Strategy, the Government has appointed Financial Services AI Champions, Harriet Rees and Rohit Dhawan, who will focus on helping firms seize opportunities of AI while protecting consumers and financial stability.

As part of their work, the AI Champions will engage with stakeholders across the industry, with the regulators and with government to develop recommendations on areas of potential growth for AI in financial services and what action could be taken to seize the opportunities that AI brings.

The Government will carefully consider any recommendations before setting out its next steps, taking into account the benefits of innovation and also ensuring that risks are appropriately considered.

The Government will continue working closely with industry and the regulators to safely capitalise on the opportunities AI presents while protecting consumers and financial stability.