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MPs launch inquiry into AI and financial services - is it time to regulate the robots?

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The Treasury Committee is looking into the risks and rewards from the rise of artificial intelligence in financial services
The article from MoneyWeek discusses the launch of an inquiry by the UK's House of Commons Treasury Committee into the role of Artificial Intelligence (AI) in financial services. The inquiry aims to explore how AI can enhance efficiency, reduce costs, and improve customer experiences in banking, insurance, and investment sectors. It will also examine the potential risks associated with AI, such as data privacy, security, and the ethical implications of automated decision-making. The committee is particularly interested in understanding how AI could affect employment in the financial sector, the regulatory challenges it poses, and how the UK can maintain its competitive edge in financial technology. The inquiry seeks input from various stakeholders including financial institutions, tech companies, regulators, and consumer groups to ensure a comprehensive understanding of AI's impact on finance.

Read the Full MoneyWeek Article at:
[ https://moneyweek.com/investments/mps-launch-inquiry-into-ai-and-financial-services ]