Question to the HM Treasury:

To ask His Majesty's Government what assessment they have made of the need for standardised or independent testing of general purpose AI models used by regulated financial institutions.

The Government’s ambition is to make the UK a global leader in AI. Encouraging safe adoption is an essential part of realising that ambition and we will continue to work closely with regulators and industry to ensure innovation proceeds safely and responsibly in the financial sector.

UK regulated financial firms are required to manage technology-related risks to consumers and financial stability, including those related to the use of AI models. This is required under existing rules for risk management, governance and accountability. HM Treasury and the regulators keep this approach under review as new technologies develop to ensure that the framework remains effective in light of new risks.

Alongside this, our UK AI Security Institute provides world-leading frontier model testing, and is focused on building a rigorous, scientific understanding of the most serious risks.