AI Adoption Plan: Financial Services
FS AI Champions – Harriet Rees and Dr Rohit Dhawan – have developed an AI adoption plan for the UK’s financial services sector.
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The government’s independent AI Champions for financial services, Harriet Rees (Group Chief Information Officer, Starling Bank) and Dr Rohit Dhawan (Head of AI and Advanced Analytics, Lloyds Banking Group) have developed an adoption plan focused on next steps for the government, regulators and industry to accelerate safe AI adoption and innovation in the financial services sector.
The Champions have undertaken engagement across the sector to inform their work and conclusions, and have worked with government and regulators to identify barriers to adoption and develop a set of recommendations for industry, government, and the financial services regulators. Their ten recommendations span the regulatory framework, AI-powered financial advice and the regulatory perimeter, resilience, skills and talent, and agentic payments.
The government welcomes the Adoption Plan, accepts the recommendations for government and will work with regulators and industry on next steps. This includes considering the Champions’ work alongside other relevant developments in this area, including the recommendations of the Mills Review – a report, by Sheldon Mills, the FCA’s Executive Director for Consumers and Competition, examining how AI could reshape retail financial services by 2030 and beyond, with priority recommendations to the FCA on how it could respond.