External engagement and initiatives
We closely monitor fintech developments in the UK and globally, and actively engage with the fintech sector, industry experts and other authorities. We regularly collaborate with public and private stakeholders to harness the potential of fintech.
AI Public-Private Forum
In October 2020, we launched the Artificial Intelligence Public-Private Forum (AIPPF) with the Financial Conduct Authority (FCA).
The AIPPF ran for one year, with four quarterly meetings and a number of workshops. It brought together a diverse group of experts from across financial services, the tech sector and academia, along with public sector and standard setting bodies as observers.
The purpose was to further dialogue on AI innovation between the public and private sectors. More specifically, the AIPPF sought to:
- Share information and understand the practical challenges of using AI within financial services, as well as the barriers to deployment and potential risks.
- Gather views on potential areas where principles, guidance or good practice examples could be useful in supporting safe adoption of these technologies.
- Consider whether ongoing industry input could be useful and what form this could take.
In February 2022, the AIPPF published its final report. The report explores the various barriers to adoption, challenges and risks related to the use of AI in financial services. In order to further the debate, it also explores potential ways to address such barriers and challenges, as well as mitigate potential risks. These are highlighted in the key findings and examples of best practice.
The report and minutes from the quarterly meetings reflect the members’ views as individual experts, rather than their institutions. Moreover, the outputs do not reflect the views of the Bank or the FCA. Therefore, the Bank and FCA will publish a Discussion Paper on AI in 2022 to build on the work of the AIPPF and broaden our engagement to a wider set of stakeholders.
Regulation of fintech firms offering financial services in the UK
If you are a fintech firm thinking of providing financial services in the UK, you may need to be regulated.
We are responsible for supervising financial firms such as banks, building societies, credit unions, major investment firms and insurers. And we provide information and support for businesses that are thinking of setting up a new bank in the UK.
We also supervise financial market infrastructure and we act as settlement agent for payment systems.
Financial services in the UK are also regulated by the Financial Conduct Authority and UK payment systems are also regulated by the Payment Systems Regulator.
Working with fintech firms
As part of our fintech work, we have engaged in a number of proofs-of-concepts. We will continue to work with businesses on fintech proofs-of-concepts whenever this may help us fulfil our mission.
If you would like to get in touch about our work or events, you can reach us at firstname.lastname@example.org.