Speeches by Baldwin.

“I have one last question on this very interesting subject of AI. In the UK financial services sector, who is using it in the most effective way and will come out as the dominant financial institution because of its use? Is there anyone that you would pick out as being really interesting?”

“To clarify, are you one of the 10 players?”

“We appreciate how important the sector is for achieving the goal of increased home ownership that successive Governments have shared. Mr Mullen, what are you expecting or hoping the FCA will come forward with in terms of your business at Atom Bank? I understand that you are in the mortgage sector.”

“To clarify, are you one of the 10 players?”

“I have one last question on this very interesting subject of AI. In the UK financial services sector, who is using it in the most effective way and will come out as the dominant financial institution because of its use? Is there anyone that you would pick out as being really interesting?”

“On this subject, do you think our regulators know enough to ensure that the best is achieved through this technology? Or are they going to find ways to suppress innovation in this area?”

“Do you agree, Mr Bhatia?”

“Can I just pick up on Mr Mullen’s point? There are voices in this Parliament that argue that banks should not be paid Bank rate on their reserves; they should be paid substantially less than that, and the money should be spent on public services. What is your view on that proposal, Mr Mullen?”

“If you were Governor for the day, would you change it?”

“Mr Glen touched on this a bit earlier, but I want to drill down further into the comments you made about your mortgage book and mortgage losses. Clearly, after the invasion of Ukraine and the spike in inflation, there was a period where the Bank raised rates very quickly. Have you been surprised by how people have cope…”

“The stress rates worked. Ms Crosbie, is that the experience that you had at Nationwide as well?”

“Mr Bhatia, I know that your bank does not offer mortgages. Have you looked at doing it and decided not to, or have you not looked at it?”

“Mr Glen touched on this a bit earlier, but I want to drill down further into the comments you made about your mortgage book and mortgage losses. Clearly, after the invasion of Ukraine and the spike in inflation, there was a period where the Bank raised rates very quickly. Have you been surprised by how people have cope…”

“The stress rates worked. Ms Crosbie, is that the experience that you had at Nationwide as well?”

“Yes, that message in the mortgage charter about getting in touch with your mortgage lender is confirmed as an important one. In our LISA inquiry, we heard from the Minister in our evidence session that home ownership is a major public policy objective. I wanted to ask each of you to pick two things that you would do di…”

“Mr Bhatia, I know that your bank does not offer mortgages. Have you looked at doing it and decided not to, or have you not looked at it?”

“It happened again a month later, didn’t it? What did go wrong?”

“A very quick yes/no: Lloyds of London now offers insurance to cover malfunctioning artificial intelligence tools. Have any of you taken it out? All witnesses indicated dissent.”

“Mr Nunn, you just mentioned artificial intelligence in the context of the advice guidance boundary. It sounds as though you are exploring the use of AI as a way of helping to give extra advice to customers. Is that correct?”

“Specifically on the colleagues, are you expecting headcount reductions over time?”