The UK’s top financial watchdog has taken a completely different approach to overseeing companies’ use of technology such as artificial intelligence, committing not to “come after you every time something goes wrong”.
Nikhil Rathi, chief executive of the Financial Conduct Authority, said: “We have to think totally differently, not just about risk in the system but the way we regulate and how our organisations interact together.”
Speaking at the FT Global Banking Summit on Tuesday, Rathi said the FCA had decided against making new rules for AI in financial services because “the frontier of that technology is moving every three to six months”, meaning its usual approaches “just don’t work in that kind of environment”.
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