AI could trigger a PPI level scandal in ‘two weeks’ Banking A multi-billion pound scandal like PPI could happen within just “two weeks” as UK finance firms plough ahead with deploying AI despite uncertainty around governance standards, a fresh report has claimed. The UK’s financial services sector faces a “capability gap” when deploying AI, according to a report from regulatory compliance firm Zango. The research pulled [...]
Barclays and Lloyds picked for City watchdog’s AI live testing Fintech Barclays has joined the second cohort of firms selected by the UK’s financial watchdog to get a safe run at testing AI as banking giants battle to bulk up their tech capacity. The FTSE 100 constituent will join its peer Lloyds Banking Group – which will be represented by its subsidiary Scottish Widows – as [...]
ICO urges transparency as AI transforms UK recruitment Tech AI is rapidly reshaping recruitment in the UK, yielding companies unprecedented efficiency gains; however, regulators are warning that these benefits must be balanced with fairness and transparency to maintain public trust. William Malcolm, executive director of regulatory risk and innovation at the Information Commissioner’s Office (ICO), explained at Tuesday’s AI regulation summit: “We want organisations [...]