With the ongoing development and growing application of artificial intelligence, analytics and automation there is increasing public and regulatory interest in ensuring that any potential risks stemming from these technologies are mitigated.

These include:

  • The report of the AI Public Private Forum on AI in financial services
  • The ongoing work towards an AI whitepaper for the UK by the Office for AI
  • Government work towards a Data Reform Bill, including rules relating to profiling and automated decision-making
  • The inclusion of AI and discrimination issues in the strategic plan of the Equality and Human Rights Commission.

Overlaying these AI-specific regulatory developments sits the draft Consumer Duty, with its increased demands on firms’ activities across the board.

A key area of concern is around ‘bias’ and AI fairness. This member briefing will explore ideas of AI fairness and what these mean for financial services firms. There will be a focus on the key regulatory considerations, ahead of the publication of our whitepaper addressing these issues.

Walter McCahon

Walter McCahon

Principal, UK Finance

Walter McCahon oversees policy work on privacy, data protection and data ethics issues at UK Finance. Before coming to UK Finance, he worked for the B...

Walter McCahon oversees policy work on privacy, data protection and data ethics issues at UK Finance. Before coming to UK Finance, he worked for the BBA in various policy areas, including privacy, data protection, Open Banking, and retail banking regulation. He previously worked for the New Zealand Banker's Association and New Zealand Ministry of Economic Development on financial sector regulatory reforms.

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Miriam Everett

Miriam Everett

Partner, Herbert Smith Freehills

Miriam leads the firm's data protection and privacy practice and has over 15 years' experience in data advising clients on complex issues in this high...

Miriam leads the firm's data protection and privacy practice and has over 15 years' experience in data advising clients on complex issues in this highly regulated area. Miriam's experience in the data space includes advising clients on the full life-cycle of data protection issues including policy design and implementation, global compliance advice, disaster recovery, data retention and destruction, and data breaches. Miriam advises a number of clients both domestically in the UK as well as international clients who are nonetheless subject to the extra-territorial application of the GDPR. Miriam is also an active participant in a number of external data law committees, including the City of London Law Society Data Law Committee; the LexisNexis Data Protection Intelligence Group; and the Franco-British Data Society.

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Jon Ford

Jon Ford

Senior associate, Herbert Smith Freehills

Jon acts for banks and other financial institutions, advising them on high-profile regulatory investigations, enforcement proceedings and litigation. ...

Jon acts for banks and other financial institutions, advising them on high-profile regulatory investigations, enforcement proceedings and litigation. Prior to re-joining HSF as a senior associate, he spent four years as a senior member of an investment bank's litigation and regulatory investigation department, working closely with all business lines including FX, capital markets, and commodities. Through his time in-house Jon understands first-hand a client's needs: he provides focused and clear advice, helping clients navigate often challenging circumstances.  Jon has advised clients on some of the most high profile regulatory investigations, including the cross-border investigation into the FX market, and others conducted by the FCA, SFO, DOJ, SEC and CFTC.

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Sian McKinley

Sian McKinley

Senior Associate (employed barrister), Herbert Smith Freehills

Siân advises on complex matters across a number of sectors spanning the range of employment and discrimination law, including particular experience in...

Siân advises on complex matters across a number of sectors spanning the range of employment and discrimination law, including particular experience in high-profile discrimination claims. Siân also has a significant data protection practice, advising on data protection and privacy issues arising in respect of investigations and monitoring, responses to data breaches, complex regulatory advice (including on extra-territorial effect), and strategic advice on contentious data protection implications, particularly before employment litigation. She has advised on projects relating to the design, testing and use of AI and algorithmic tools, with a particular focus on GDPR compliance in relation to monitoring and automated decision making and mitigating risks of discriminatory bias.

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Carol Wilson

Carol Wilson

Head of Data Culture, Natwest

Carol heads up Data Culture for NatWest, having most recently led Services Privacy within NatWest. Carol has a longstanding interest in how data ethic...

Carol heads up Data Culture for NatWest, having most recently led Services Privacy within NatWest. Carol has a longstanding interest in how data ethics shape an organisation. She chairs various Ethics fora and she advances the operationalisation of data ethics from the use of data and models.

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