The Use and Regulation of Artificial Intelligence: When AI Meets Consumer Duty

Herbert Smith Freehills | Karen Anderson and Jon Ford | Jan 13, 2023

HSF Article When AI meets consumer data - The Use and Regulation of Artificial Intelligence:  When AI Meets Consumer DutyHerbert Smith Freehills LLP has published an article in Butterworths Journal of International Banking and Financial Law on artificial intelligence (AI) and the Consumer Duty.

AI with its power to process large volumes of data, can provide more personalisation of financial products and services for consumers at greater scale and efficiency, and at lower cost.

See:  AI Robo-lawyer is Set for Its First U.S. Court Case

It can, in principle, enable firms to provide better support for vulnerable customers (for example, to consumers without standard credit histories, or through the use of simplified advice).

All this could help to advance the FCA’s desired outcome of increased access through greater financial inclusion.

Download the 2 page PDF article --> Here


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