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.
Artificial Intelligence Public-Private Forum
In June 2019, former Governor Mark Carney announced plans to set up a forum to look at the impact of artificial intelligence (AI) and machine learning (ML) on financial services.
In October 2019, we published Machine Learning in UK Financial Services with the Financial Conduct Authority (FCA).
We are now working with the FCA to establish the forum and have published the forum’s terms of reference. The deadline for applications to become a member of the AIPPF has now passed. We will ensure that the forum’s design reflects a wide variety of views.
In line with UK government guidance regarding Covid-19, we decided to postpone the forum’s launch and first meeting. We now plan to launch the forum in October 2020.
The AI Public-Private Forum (AIPPF) will seek to:
- share information and understand the practical challenges of using AI and ML within financial services, the barriers to deployment and any potential risks or trade-offs
- gather views on areas where principles, guidance, regulation or good practice examples could support safe adoption of these technologies
- consider if firms’ involvement could be useful and what form it could take
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.