The Treasury Committee has launched an inquiry into how AI is being deployed across various sectors within financial services, including pensions, insurance, retail banking, and investment banking.

The inquiry will be looking to explore how the UK financial services industry can take advantage of the opportunities in AI while mitigating any threats to financial stability and safeguarding financial consumers, particularly vulnerable consumers.

In particular, the inquiry is looking for evidence on how AI is currently used and how this is likely to change over the next 10 years, and to what extent AI can improve productivity in financial services.

In addition to this, the committee has asked for evidence on the benefits and risks to consumers arising from AI, particularly for vulnerable consumers.

The inquiry is also looking at the risks to financial stability arising from AI and how can they be mitigated, and how the government and regulators can strike the right balance in relation to the use of AI.

The call for evidence closes on 17 March 2025.

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