Question to the HM Treasury:

To ask His Majesty's Government what steps they are taking to improve data quality standards in financial services to ensure the reliable use of artificial intelligence in regulatory compliance.

The government’s ambition is to make the UK a global leader in AI, leveraging our dual strength in financial services and AI to drive growth, productivity, and consumer benefits. Encouraging safe adoption is an essential part of realising that ambition.

As set out in the Bank of England and Financial Conduct Authority’s October 2022 discussion paper on artificial intelligence and machine learning, a range of existing legal requirements and guidance are relevant to the UK financial sector’s use of AI across the AI lifecycle. This includes in relation to data quality.

The government’s response to the AI Opportunities Action Plan also sets out the steps we will take to responsibly unlock data assets in the public and private sector.