A number of media outlets, including CDOTrends, have reported on the Financial Times story (paywalled) that UK regulators have notified banks that they will have to prove their AI does not discriminate against minorities. While the particulars have yet to be publicly released, the requirement to demonstrate explicit fairness of artificial intelligence and machine learning projects would represent one of the most aggressive steps yet to regulate the use of AI in financial services.
This story echoes the larger cross-industry and cross-geography regulatory movement demanding evidence of responsible AI governance and requiring objective audits of high impact systems, ranging from the European AI Act, to AIC4 in Germany, and legislation for algorithmic accountability in the US Congress to name just a few.