The Forum will capture the views of 21 AI experts from across the financial and technology sectors as well as academia. Observers from the Information Commissioner’s Office and the Centre for Data Ethics and Innovation have also been invited to join the debate.

Intended to run for one year, the Forum will consist of a series of quarterly meetings and workshops structured around each of three topic areas: data, model risk management, and governance.

In launching the initiative, David Ramsden, deputy governor for markets and banking at the BofE, says: "The existing regulatory landscape is somewhat fragmented when it comes to AI, with different pieces of regulation applying to different aspects of the AI pipeline, from data through model risk to governance. Policy must strike a balance between high-level principles and a more rules-based approach. We also need to future-proof our policy initiatives in a fast-changing field.

"The specific aims of the Forum are: firstly, to share information and understand the practical challenges of using AI in financial services, identify existing or potential barriers to deployment, and consider any potential risks or trade-offs; secondly, to gather views on areas where principles, guidance, or regulation could support safe adoption of these technologies; and finally, to consider whether once the forum has completed its work ongoing industry input could be useful and if so, what form this could take.

"The knowledge, experience, and expertise of the Forum’s members and observers will be invaluable in helping us to contextualise and frame the Bank’s thinking on AI, its benefits, its risk and challenges, and any possible future policy initiatives."