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Bank of England sounds warning over concentration in AI-related services

By Phoebe Seers and Frank Hersey ( July 1, 2025, 15:29 GMT | Insight) -- The increasing concentration of AI-related services — such as cloud, models and data — used by banks, insurers and other financial sector companies in the UK requires careful examination, a Bank of England official said at an event today. Tom Mutton, who leads the BOE’s work on the Digital Pound, asked “how much firms can understand and how much they're locked into those sorts of vendors.”The increasing concentration of AI-related services — such as cloud, models and data — used by banks, insurers and other financial sector companies in the UK requires “very careful” examination, a Bank of England official said today....

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