In its latest Spotlight on Finance and Insurance, AM explores the best practice approach to AI (artificial intelligence), one which ticks all the boxes and meets with the regulator’s approval. Aimée Turner reports

At an industry conference last September a Financial Conduct Authority (FCA) official restated her organisation’s intention to be relentless in championing the consumer’s interest.

The assertion prompted one leading lender to express what many were thinking.

“It's a great thing,” he said, following her speech, “but I think it is hard for lenders to give forbearance to do all the right things and to make a profit at the end of the day. I just hope that you appreciate that because your speech makes it sound very easy.  For lenders, it is anything but.”

The Consumer Duty regulations which came into effect last July are aimed at creating more stringent standards for consumers and improving competition in the retail financial services market.