Executive summary
The Bank of England (the Bank) (including the Prudential Regulation Authority (PRA)), and the Financial Conduct Authority (FCA) (collectively ‘the supervisory authorities’) published a discussion paper (DP) 5/22 – Artificial Intelligence and Machine Learning – in October 2022 to further their understanding and to deepen dialogue on how Artificial Intelligence (AI) may affect their respective objectives for the prudential and conduct supervision of financial firms. The DP is part of the supervisory authorities’ wider programme of work related to AI, including the AI Public Private Forum (AIPPF), and its final report published in February 2022.
This feedback statement (FS) provides a summary of the responses to DP5/22. Its aim is to acknowledge the responses to the DP, identify themes, and provide an overall summary in an anonymised way. The FS summarises the responses to DP5/22 as far as they concern the matters raised in that DP. It does not include policy proposals, nor does it signal how the supervisory authorities are considering clarifying, designing, and/or implementing current or future regulatory proposals on this topic.
DP5/22 received 54 responses from a wide range of stakeholders. The chart below shows the number of respondents by type of institution. Industry bodies accounted for almost a quarter of respondents with banks accounting for a further fifth. There was no significant divergence of opinion between sectors.