The British government is weighing a plan to conduct standardised testing of the general purpose AI models used by all UK lenders after the Bank of England warned them over their evaluation practices last year.
Harriet Rees, Starling Bank’s chief information officer, made the proposal to the Department for Science, Innovation and Technology last month.
“Lots of firms are using [AI models] and we can assume that [they] have done the necessary due diligence and, therefore, hopefully we’re happy. But we’ve not done that independent assessment,” said Rees, who is also a government financial services AI “champion” and co-chair of the BoE’s AI task force.
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