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<p>The AI White Paper emphasised the importance of ensuring that UK regulators and
public bodies have the capacity, expertise, and capabilities to implement government’s
pro-innovation approach whilst recognising and understanding the risks. This is particularly
true for those regulators for which AI falls squarely within their regulatory remit,
but also applies to a much wider range of public and regulatory bodies considering
the implications AI has across the economy, including the financial services regulators.</p><p>
</p><p>The Financial Conduct Authority, the Prudential Regulation Authority, the Bank
of England in its regulation of certain financial market infrastructure, and the Payment
Systems Regulator, are independent non-governmental bodies responsible for regulating
and supervising the financial services industry. Although the Treasury sets the legal
framework for the regulation of financial services, the regulators are responsible
for developing and implementing rules, including relating to AI, and determining appropriate
levels resourcing.</p><p> </p><p>As part of the AI regulation White Paper consultation,
the government is engaging closely with the regulators to understand the organisational
capacity they need to regulate AI effectively, across technical, regulatory, and market-specific
expertise.</p><p> </p><p>I have asked the financial services regulators to respond
to you directly on their resourcing for AI regulation.</p>
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