Financial institutions should consider appointing AI officers
Crypto AM Parliamentary Special,
with Lord Holmes of Richmond MBE
Part Two of Five
I have pleasure in penning Day Two’s thoughts on the Financial Services Bill, currently making its way through the House of Lords.
Today, I want to set out my hopes for the bill in relation to Artificial Intelligence [AI].
AI is already pervasive across so many aspects of our lives, including financial services. AI will be key in how the financial industry operates and delivers services, and for it to compete and thrive.
According to consulting firm Accenture, the contribution of AI and augmented technologies to the bottom line for financial services companies around the world is estimated at $140 billion in productivity gains and cost savings by 2025.
8
th March 2021 4:28 pm
There are mounting calls for regulators to introduce a cap on standard variable rates for mortgage prisoners.
Lord Stevenson has tabled an amendment to the Financial Services Bill, which is being debated today in the House of Lords, which would cap the costs paid by borrowers with inactive lenders who are unable to switch at 2 percentage points above the Bank of England base rate.
A separate amendment was tabled by Lord Holmes today to ban the sale of mortgage books to unauthorised entities.
It comes as MoneySavingExpert founder Martin Lewis urged the government to take immediate action to prevent the situation facing borrowers from becoming “catastrophic”.