The UK recently hosted the first ever global summit on AI that discussed the safety and regulation of this powerful new technology. Following the summit, the UK announced that it will be sticking to a light-touch approach to AI regulation so as not to stifle innovation. A new report from the Finance Innovation Lab and Financial Inclusion Centre provides examples of the big risks presented to financial services by the increased adoption of AI and argues that the government’s approach is potentially dangerous and could lead to catastrophic consequences in financial services.
