Speeches by Rigby.

“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 …”

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

“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.”

“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…”

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

“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…”

“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 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…”

“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.”

“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 …”

“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—”

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

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

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

“They were certainly part of the strategy.”

“I’m sorry, Chair. I am hesitating, because I don’t want to mis-speak.”

“You will appreciate that the overarching ambition is from the manifesto pledge, but this is not solely our area. We are in close contact with the Department for Business and Trade in relation to a range of aspects within that. One of the things that we are discussing with DBT at the moment is exactly how we quantify th…”

“There are, as you know, very different bits within that. There are credit unions, but there are all sorts of other types of different co-ops.”

“We engage continuously with building societies as you would expect on a range of issues and we have in relation to ISAs. As I said, that is a continuous programme of engagement by virtue of the importance of building societies.”