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Use of AI by UK banks, pensions comes under parliamentary scrutiny

( February 3, 2025, 14:41 GMT | Official Statement) -- MLex Summary: The use of artificial intelligence by UK banks, pensions and other financial services businesses will be scrutinized by an influential panel of lawmakers. The Treasury Committee today announced a new inquiry focusing on productivity, risks to financial stability and regulation. Committee chair Meg Hillier said: “It’s critically important the City can capitalize on innovations in AI and continue to be a world leader in finance. But we must also be mindful of ensuring there are adequate safeguards in place to mitigate the associated risks, particularly for customers.” Written submissions to the committee are welcome until March 17. Statement below....

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