The Bank of England (BoE) has announced the launch of the AI Consortium. The consortium will provide a space for public-private engagement to gather input from stakeholders on the capabilities, development, deployment and use of AI in UK financial services (for further background, please see our update). The terms of reference set out further information on how the platform will operate. It confirms that meetings will take place quarterly and members may propose forming workshops to conduct in-depth and/or technical examinations of specific subjects of relevance to the consortium. The BoE and UK Financial Conduct Authority (FCA) may publish summaries of discussions but not the workshop outputs. Workshop members can publish findings with prior permission from the BoE and FCA, though such permission does not imply endorsement. The Consortium will be co-chaired by senior officials from the BoE and the FCA, with no decision-making capacity. The BoE and FCA will not consider their own use of AI and will not be obliged to act on Consortium discussions or outputs.
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