Financial services compliance run by AI

It is hoped that improving the quality of data will allow regulators to spend more time on analysis
It is hoped that improving the quality of data will allow regulators to spend more time on analysis
EPA

Compliance in the financial services industry could be overseen by artificial intelligence, with the Bank of England developing computer programs to make reporting more accurate and efficient.

The technology, which is being developed with the Financial Conduct Authority, will translate rules into code that can automatically find the required data in company databases.

At present, banks and financial services companies that report to the Bank have to interpret written legislation, which can create ambiguities and lead to misreporting.

The Bank and the FCA hope that improving the quality of data will allow regulators to spend more time on analysis. It believes that the programs could be used to spot anomalies.

More than 15,000 banks, building societies, investment firms, credit unions and insurers provide data to