The Artificial Intelligence Consortium (AIC) held its inaugural meeting in May 2025, focusing on the role of artificial intelligence in UK financial services. Co-Chairs Sarah Breeden and Sarah Pritchard welcomed members and observers, emphasizing that participants act in a personal capacity under Chatham House Rule.
Breeden outlined the Bank of England’s approach to AI, highlighting its significance for maintaining financial stability and market integrity. She referenced the Financial Policy Committee’s recent report on AI’s implications for financial stability. The AIC will build on the efforts of the AI Public-Private Forum established in 2021 by the Bank and FCA.
Pritchard discussed the FCA’s commitment to an agile regulatory approach and various initiatives, including the AI Lab, which supports firms in testing AI use cases safely.
During breakout sessions, members explored potential topics for workshops and outputs. They suggested sharing AI use cases and producing resources for non-technical practitioners. Concerns included reliance on third-party providers, systemic vulnerabilities from similar AI models, generative AI risks, biased credit scoring, and AI-driven fraud.
Members proposed strategies such as identifying good practices for managing model-related risks and monitoring AI usage. Governance and international standards were also discussed as crucial for safe AI adoption.
The benefits of AI were noted, including operational efficiency improvements, enhanced customer experience, fraud detection, and task automation. Members emphasized coordination across regulators and sectors.
The next AIC meeting is scheduled for July 2025 to prepare for workshops. Small working groups will be formed to examine specific subjects further.
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