UK MPs have expressed concerns that the financial sector is inadequately prepared to handle the risks associated with the increasing use of artificial intelligence (AI), with a committee report indicating that regulatory bodies like the Bank of England and the Financial Conduct Authority (FCA) are taking a “wait-and-see” approach. The committee recommends proactive measures, including AI-specific stress testing and more rigorous oversight, to safeguard the public and the financial system from potential AI-related crises.
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