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UK financial regulators publish industry feedback on AI and machine learning

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Source: Bank of England

The Bank of England, the PRA and the FCA published feedback statement FS2/23 on 26 October 2023, summarising 54 responses to their October 2022 discussion paper DP5/22. Most respondents said a financial-sector definition of AI would not help and preferred technology-neutral, principles-based rules. They named consumer outcomes, data rules and reliance on third-party AI providers as the main concerns, and said existing model risk rules and the Senior Managers regime largely covered AI.

Why it matters

UK banks, insurers and investment firms learned that their regulators were leaning toward applying existing rules to AI, the approach the FCA confirmed in its April 2024 AI update.

When
26 Oct 2023
ID
WTA-N-2023-0104
Who
Bank of England, Prudential Regulation Authority, Financial Conduct Authority

Summary by wheresthe.ai, from Bank of England. Checked against the source on 9 Oct 2026.

Read the original at Bank of England

Source copy: download the page as saved on 18 Oct 2026 (PDF). Document the source offers: document 1 (PDF). Also held by the Internet Archive.

Next stop on this Storyline: What happened nextBoE, FCA and HM Treasury tell firms frontier AI cyber skills exceed human experts

Cite this story

WTA-N-2023-0104: “UK financial regulators publish industry feedback on AI and machine learning.” wheresthe.ai, 26 Oct 2023. https://wheresthe.ai/d/gb-boe-pra-fca-fs2-23-ai-feedback-2023-10/ (source: Bank of England).

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