AFB Seminar: Regulatory Oversight of AI in the UK – Impact for Banks

Artificial intelligence (AI) is playing an increasingly central role in driving technological change in financial services, including in the banking sector. Its prominent place on innovation agendas speaks to the significant benefits that AI technologies can deliver for firms, consumers, and markets.

At the same time, use of AI tools can pose significant risks, particularly for banks.  Regulators everywhere have been grappling with the need to balance supporting AI adoption to drive efficiency and productivity, whilst also ensuring responsible innovation. 

AFB, in partnership with BCLP, has organised a seminar to examine the current regulatory framework for AI, with a specific focus on the impact for the UK banking sector.

Why attend?

The UK regulatory landscape for AI is dynamic.  Sector regulators are charged with developing their own approach to manage the risks and concerns presented by AI, within the UK’s principles-based non-statutory framework.

BCLP will explore the specific regulatory concerns for financial institutions, with commentary on the current regulatory landscape, looking at the FCA’s, ICO’s and CMA’s AI proposals in the UK.  The seminar will cover the key areas of risk and concern and will look at how the regulators are proposing to address significant risks within their regulatory framework, both separately, and as part of the UK’s Digital Regulation Cooperation Forum.

What will members gain for use at their bank?

Attendees will have the opportunity to gain an understanding of the issues arising in AI governance and whether the SMCR is appropriate for AI systems in the banking sector. The session will also provide a high-level comparison of the differences between the UK’s and EU’s approach to regulating AI and discuss what the future holds from a regulatory perspective.

Speakers

David Rundle, Partner

David represents individuals and firms facing regulatory enforcement and criminal investigations, with a particular focus on the financial services sector.

His depth of experience across both areas, including his time with the FCA’s Enforcement Division, gives him a rare perspective in cases which straddle the regulator’s remit and financial crime issues.  He has represented clients under investigation for market manipulation, insider dealing and money laundering failings, where both criminal prosecution and regulatory enforcement were potential outcomes.  His experience, which spans both FCA and PRA investigations, also extends to systems and controls, miss-selling cases and failures to be open and cooperative.

Across all areas of his practice he has particular experience representing senior individuals in high profile cases, where their reputations, livelihoods and sometimes liberty is in jeopardy, including Senior Management Function holders under investigation for failings alleged to have occurred within their specified areas of responsibilities under the SMCR.

David regularly advises clients on financial crime compliance matters.

Kate Brimsted, Partner

Kate heads BCLP’s UK Data Privacy and Cyber Security team.  She has more than 20 years’ experience in commercial and contentious data privacy.   Kate focuses on data protection strategy and GDPR compliance and cross-border transfers of personal data.   She is also experienced in counselling on data security breach response strategies and data protection “clearance” advice for new and emerging technologies, including in the retail and financial services sectors. Kate advises clients on all aspects of law associated with “data”.  This ranges from “personal data” (about identifiable people) and the impact of the EU General Data Protection Regulation which came into force in 2018, to industrial data, trade secrets and confidentiality. Cyber security and personal data breaches are also part of her practice. 

Over some 20 years in the city, Kate has built a reputation as a “go to” person for strategic and pragmatic data privacy advice on complex projects and issues.  She enjoys grappling with the complexities of data protection and security; her aim, though, is to focus on the issues which really matter for her clients and to work collaboratively with them to arrive at clear and practical solutions. Her practice also includes advising on data protection aspects of cloud migration, data localisation and digital refresh projects. Kate has also advised clients providing services to the NHS on information governance, as well as developers of consumer-facing apps on DPIAs and PbD requirements. Kate sits on major expert panels for data, including the Journal of Privacy and Data Protection, the PLC Consultation Board and the City of London Law Society’s Data Law Committee. She is on the editorial board of the Journal of Privacy and Data Protection and a contributing author to journals such as Practical Law for Companies, including co-author of the practice note on Brexit: Implications for Data Protection and Lexis-Nexis. 

Sian Cowan, Senior Associate

Siân is experienced in the complex financial regulatory issues faced by financial institutions and individual members of senior management.

Siân has represented clients under regulatory investigation by the FCA, PRA and other government enforcement agencies. She has also worked on several corporate internal investigations concerning allegations of bribery and other misconduct.

In addition to her contentious practice, Siân advises clients on compliance policies and procedures covering anti-bribery and corruption, anti-money laundering and counter-terrorist financing. She also has experience of advising clients on their ESG risk, which includes both modern slavery and conducting supply chain due diligence.

Logistics

Cost:         Included in AFB membership (no fee)

Location:  In-person at BCLP, Governor’s House, 5 Laurence Pountney Hill, EC4R 0BR

Date:        Tuesday 11 June 2024

Time:        09:00 – 10:15 (arrivals from 08:30)

If you would like to submit a question or have any specific areas that you would like the session to address, please send them to the AFB at secretariat@foreignbanks.org.uk You will receive details on how to join the session one week before the event.