Bank of England to look closer at rise of AI in finance: Woods

LONDON (Reuters) – The Bank of England is looking closely at the growing use of artificial intelligence by financial firms but specific regulations that target AI may not be the best way forward, Deputy Governor Sam Woods said on Wednesday.

“We want to be technology-agnostic in all of our regulation,” Woods said at a press conference after the BoE published its latest Financial Stability Report.

“AI-specific financial regulation may not be the right way forward,” he added.

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(Reporting by Huw Jones and UK bureau, writing by Andy Bruce; editing by David Milliken)

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