Queen Mary law experts advise the UK Government on the use of artificial intelligence in financial services
Queen Mary’s Professor Rosa Lastra and Dr Daniele D’Alvia have submitted written evidence to the UK Parliament’s AI in Financial Services Committee.
The evidence explores the impact of AI on financial services in both Fintech and traditional banks and financial services, and use of AI in the UK compares to other financial markets like China and the US.
In their evidence, Professor Rosa Lastra, Sir John Lubbock Chair in Banking Law, and Dr Daniele D’Alvia, Lecturer in Banking and Finance Law, outline several benefits AI can have for financial services, including increased productivity and cost saving. However, they do raise some concerns, such as the potential for AI-driven systemic risks in investment markets, potential for job displacement, and the danger of unfair AI-generated outcomes.
They go onto make several recommendations for policymakers on how AI can be used and regulated in financial services.
Read their evidence in full via the UK Parliament website.
More information:
- Find out more about UK Parliament’s AI in Financial Services Committee.
- Professor Lastra is Director and Dr D’Alvia is Deputy Director of Queen Mary’s Institute of Banking and Finance.
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