UK Set to Revise AI Oversight Amid Big Tech Data Boom

2024-04-25 01:59 AM by Eugen Boglaru

The head of the U.K.’s financial regulator announced plans to explore how big tech companies’ access to extensive data might lead to improved financial products and more options for consumers. The regulatory shift seeks to maximize artificial intelligence’s (AI’s) potential for innovation, competitive pricing and expanded options for consumers and businesses. The move underscores a global trend of examining and potentially harnessing …

Bank of England proposes new rules to curb reliance on big tech

2023-12-08 10:48 PM by Wanda Parisien

The BoE proposes introducing a framework to designate certain tech firms that provide vital services to financial institutions as CTPs. CTPs would be subject to regulatory requirements to enhance the robustness of the services they provide. These include minimum resilience standards, testing requirements and incident notification obligations. There would also be a periodic review of designated …