11 October 2022: In collaboration with the Financial Conduct Authority, we published a Discussion Paper on Artificial Intelligence and Machine Learning.
The Bank and FCA published this DP to further our understanding and to deepen dialogue on how AI may affect our respective objectives. This is part of the supervisory authorities’ wider programme of work related to AI, including the AI Public Private Forum and the final report of which was published in February 2022. This DP should also be considered within the context of the evolving wider national and international policy debate on AI.
11 October 2022: In collaboration with the Financial Conduct Authority, we published the 2022 Machine Learning in UK finance services report.
The number of UK financial services firms that use machine learning (ML) continues to increase, with 72% of respondents using or developing ML applications. This builds on previous surveys in 2019 and 2020, as well as the AIPPF final report.
28 September 2022: Jon Cunliffe, Deputy Governor for Financial Stability, delivered a speech at the AFME conference on innovation in post trade services.
From the development of double entry book-keeping, to the telex machine, to algorithmic trading, over the centuries successive technological innovations have transformed finance. While this has not been without risk – and there have been problems on the way - the result has generally been deeper, more liquid and more efficient financial markets, better able to serve the real economy.
31 March 2022: Victoria Cleland, Executive Director for Banking, Payments and Innovation, delivered a speech at the Central Bank Spring Meeting on the road to enhanced payments.
The Bank of England, in line with many central banks, plays many roles in the payments industry: as an operator, overseer, user (through our customer banking function) and catalyst. The speech focuses on how the Real Time Gross Settlement (RTGS) service can help us maintain stability and promote innovation in the context of rapidly changing user needs; and how collaboration between central banks and other public authorities, the industry and the international community can deliver far-reaching benefits.
24 March 2022: the Financial Policy Committee published an in Focus report on Cryptoassets and decentralised finance.
This Financial Stability in Focus report provides an assessment of the role that cryptoassets and associated markets and activities, including decentralised finance currently play in the UK and globally, and how this could develop as these markets continue to evolve.
17 February 2022: In collaboration with the Financial Conduct Authority, we published the AI Public-Private Forum: Final Report.
The report explores the various barriers to adoption, challenges and risks in the areas of data, model risk and governance. In order to further the debate, it also explores potential ways to address such barriers and challenges, as well as mitigate potential risks. This report aims to advance the collective understanding and promote further discussions amongst academics, practitioners and regulators to support the safe adoption of AI in financial services.