Speeches by Rigby.

““Dynamic” is the word you used, and by necessity that has to be the approach between those various groups. Obviously, frameworks exist for formal engagement between each of them. To highlight the AI Consortium, for example, that is joint between the Bank, the FCA and the Treasury, and I think James sits on it as an obs…”

“And, indeed, the Treasury. I am not sure to what extent Catherine or James might want to comment further.”

“Yes. I refer again to the previous evidence session, where you asked both the Bank and the FCA that question directly. Our assessment is that they currently do, but that there should be a continuous—I think the Bank made this point—monitoring of what is needed to oversee properly the safe adoption of AI, including thin…”

“Yes, we do. At the moment, it is right to be alive to the risks. By the way, I also think that one of the risks is not grasping the opportunity to adopt AI as quickly as we can. It is right to be aware of the risks, but our assessment is that the current framework of legislation, which is principles-based, outcomes-bas…”

“I think it is important because, as I can come on to, we think that the existing regulation governing the use of AI maintains the right balance. The regulation is principles-based, outcomes-based and flexible. As you heard from the Bank and the FCA on how that affects the FCA’s supervisory responsibilities—”

“I don’t. I have had discussions with the relevant Minister at DSIT, Minister Narayan, but he has not made me aware of the timing of the consultation.”

“Yes, that will be from DSIT.”

“In relation to the case that you raise, I watched the evidence session prior to this with the Bank and the FCA, and I know that you were able to question the Bank on exactly that issue, alongside the herding risk. The response was in relation to AI being used in lower-materiality decisions. The PRA has a set of guidanc…”

“There are lots and lots of very positive use cases for AI at the moment.”

“It already is—that is the first point. As I said, it is the third highest adopter already. Many of those cases are around automation. We can take different sectors; it is interesting and instructive to do that. Starting with insurance, for example, a recent report by McKinsey found that Aviva had started using AI in re…”

“To start with the Government’s approach to AI across the board, rather than just in relation to my brief, the overall approach is rightly focused on the huge strategic economic opportunity that comes with the safe adoption of AI. That is the cross-Government approach, and that applies just as much in my portfolio. Fina…”

“The Chancellor’s speech this morning was about being transparent about the choices that she, and we, face at the upcoming Budget, and about the context for that Budget. As the Chancellor made clear, the choices that she will make will be fair choices that emphasise the continued stability of our economy. We all know th…”

“I think it is something that everyone needs to be aware of in pushing a culture of retail investment. That is why it is really important, with the FCA, what the exact rules look like when it comes to targeted support. It is also really important from an industry point of view, when firms are contacting consumers and ma…”

“I have considered it. For what it is worth, as I made clear in my answer to Mr Dean, this is not about the Government saying, “Invest in a particular stock.” No one is mandating investment. This is about making more people aware of the opportunity to invest. It sounds as though we agree, Mr Coghlan.”

“The candid answer is that we are looking at retail investment because we think it is the right thing to do, to offer people that opportunity to invest. That is what the retail investment campaign is about.”

“No. As I referred to, this is about a longer-term approach, and indeed a balanced approach, to investing. We are not saying that everyone should go and stick all of their money in a particular type of stock. We would not say that, and I do not think any Government should say that. It is about giving more people the opp…”

“I think that is right, but I think at the moment people are being made aware of just the risks, in a way that is off-putting. If we get the balance right, so people are made aware of the benefits as well as the risks, they can make an informed decision.”

“First, to reiterate the point that I made in response to the Chair’s question, we are not saying that there is no role for cash savings or that people should go out there and risk everything—we are definitely not saying that. The industry will be leading an awareness campaign alongside the targeted support piece. But w…”

“I think it is really important that the capital review is ongoing. We have been clear that we want to see what comes out of that. The same is also true of the ringfencing review. We want there to be meaningful things that come out of that.”

“That’s right.”