AI ‘must be understood to be regulated’, say experts

AI INDUSTRY leaders have gathered in Parliament for a special debate on the ethical and regulatory challenges posed by the technology.

The Fintech is Dead, Long Live FinAI summit was organised by the Parliament Street think-tank and hosted by Watford MP Dean Russell.

Industry experts, academics and executives attended the meeting held in advance of Prime Minister Rishi Sunak’s global AI summit in November.

Stephen Dury of Capgemini Invent said client queries about the disruptive nature of AI continued to grow. “While the promise and risks of these new technologies is vast,” he said, “the first step lies in identifying the specific problems that need to be addressed.

“Central to this journey is an unwavering focus on enhancing customer experiences, creating value and driving good outcomes.”

Michael Mortenson, associate professor at the Gillmore Centre for Financial Technology, said AI’s ability to work with human input and data analysis tools “has the clear potential to semi-automate much of the traditional knowledge work” associated with finance roles.

Uday Samant, Minister of Industries of Maharashtra, has called for a closer working relationship between the UK and India on AI strategy.

Playter founder Jamie Beaumont said regulating “something that you don’t know” was tricky. “The trajectory of AI has gone crazy over the last year. When we don’t know the next step, or where AI will be in a year, how do we regulate?” Dominic Duru, co-founder of DKK Partners agreed: “If you can’t understand, you can’t regulate.”

Sarah Rench of Avanade said education would be disrupted by the technology, and would have to evolve. “Teachers will have to be retrained, and security will need to be considered.”

In response to the recent article on, the Code Institute which provides coding education said it fully supports the importance of human software developers in the context of advancing AI. History had shown some concerns to be overstated, the group said.

The demand for software developers is moving beyond the tech sector. Innovations in healthcare, finance, transport and other fields rely on specialised skills, say experts.