The FCA and Bank of England have set up a new industry forum to explore the benefits and risks of using artificial intelligence (AI) and machine learning (ML) in financial services.

Greater automation of data collection and intervention based on data analysis will become two of the key drivers of the FCA’s regulatory strategy over the next five years, the watchdog said today.

The appointment of Andrew Bailey as the new Bank of England Governor today came as little surprise but it does open to door to opportunities for a new direction for the FCA.

Andrew Bailey has been confirmed today as the new Governor of the Bank of England after three years as chief executive of the Financial Conduct Authority.