Speeches by Rigby.

“Sorry, Chair. The reason I expressed some surprise was that the credit unions are a part of the strategy.”

“I don’t know where you would have heard that from, because—”

“No. We have been open about the fact that we are looking at the right balance of cash and stocks within ISAs, but decisions of that nature will be taken by the Chancellor in the Budget.”

“Sure—I will canter through them. The second pillar is about our global leadership and partnerships that we are able to develop with other countries as a result of that. The third is about innovation and fintech leadership. The fourth is our retail investment campaign, because we want to build up a culture of retail inv…”

“I know that there was a range. Not every working group was led by a consumer group or someone from industry or a trade body. There was a range.”

“I’m afraid that the appointment of the people leading the committees predated me.”

“I was going to say I could sit here and worry you with my maths by counting them on my fingers, but I should probably ask—”

“Yes, exactly. With each specific strand of the strategy—it covers a whole range of areas—there were working groups. For example, there was a working group on digital inclusion and access to banking, one on insurance, and other working groups too. Importantly, we also had the cross-cutting themes that went right across …”

“It is a pleasure to be here. May I congratulate the new members who have been recently elected to this Committee? You were always very clear, Chair, that this is the most prestigious Committee to be on. I am sorry, in one respect, that I am no longer on it. You asked about my priorities. My core priority is to deliver …”

“There was balance, so we had a range of consumer groups but trade bodies from industry there as well. I was obviously part of the committee, my predecessors as EST were, and we had Treasury officials as part of the group as well.”

“I do not want to undercook the “just keeping in touch” piece, because when I say engagement, part of that is about horizon scanning. It is right and proper that we do that, and we need to do that on a very regular basis because, as you say, Chair, the technology moves incredibly quickly. Six months in the AI world is a…”

“I am not overly concerned about that at the moment but, as I say, I do think it is something we should keep an eye on. The reason I say I am not overly concerned is not that I have my head in the sand. It is that we engage regularly with the FCA and have a framework of regulation—and not just about the consumer duty; w…”

“I do think it is very important to be cognisant of the risks and to continue to monitor them; I think that is right when it comes to the adoption of AI right across society, not just in relation to financial services. I am very optimistic about the huge benefits to be had from the quick and safe adoption of AI in the p…”

“First of all, I hope no one is monitoring my step count. I think those ethical boundaries are there by virtue of some—”

“First of all, I should clarify that the Aviva example I mentioned was about the processing of claims. From Aviva’s point of view, it is about speeding up processing when people are claiming on their insurance. That is what led to the dramatic fall in customer complaints. That is a separate issue from your very good poi…”

“I know the FCA is aware of the issue. I could not comment on whether it is from an enforcement point of view, but it is good and right that it is alive to that possibility. We know that consumers are using some of those tools.”

“The FCA is looking at consumers using large language models, including ChatGPT and its ilk, to look for financial advice.”

“It is a really good question, and it has been at the forefront of my mind in the short time I have been doing this role. It is also something the FCA concerns itself with a good deal, given its supervisory and enforcement responsibilities. As I said, our view, which is shared by the FCA, is that the existing framework …”

“Yes, there is a concentration, as there is in many areas of tech.”

“Well, cloud is not the same as AI, but I take the point that you are making, Chair.”