United Kingdom: Treasury Committee opened consultation on its inquiry into AI in financial services

On 3 February 2025, the Treasury Committee of the United Kingdom Parliament launched an inquiry into the use of artificial intelligence (AI) in financial services and opened a consultation until 17 March 2025. The inquiry aims to explore potential opportunities while addressing challenges to financial stability and consumer protection. The inquiry will focus on the application of AI in various areas of financial services, including retail banking, investment banking, insurance, and pensions. It will further examine the risks and benefits for vulnerable consumers, as well as the role of government in ensuring responsible AI adoption.