On 16 October 2019, the Bank of England (BoE) and the FCA published a joint report on machine learning (ML) in UK financial services. The report was created following the responses received in a joint survey of 300 financial institutions.
The survey questioned firms on the nature of deployment of ML, the business areas where it is used and the maturity of applications. It also collected information on the technical characteristics of specific ML use cases. Those included considerations on testing and validation, safeguards, the types of data and methods used, benefits, risks, complexity and governance.
While the survey findings are not statistically representative of the entire UK financial system, the regulators note that they do provide interesting insights into the use of ML in UK financial services.
Find out more about the report and key findings of the survey on our Financial Services: Regulation tomorrow blog here.