Bank of England simulates AI risks to financial stability
Business
The Bank of England is digging into how artificial intelligence, or AI, could shake up the financial world, especially during stressful times when everyone might follow the crowd and trigger bigger market selloffs.
The Bank of England is overseeing simulations to see what could go wrong, after lawmakers pushed for faster action on regulating both AI and major tech suppliers.
Lucy Rigby expects initial CTP designations
UK lawmakers are worried that unregulated tech giants could create weak spots in the financial system, especially with new AI products like Anthropic's Mythos raising cybersecurity concerns.
Treasury Minister Lucy Rigby says the government expects to make initial CTP designation decisions this year.