The UK’s Financial Conduct Authority (FCA) on Tuesday said that it is in no rush to introduce specific regulations on the use of artificial intelligence (AI) in finance.

The European Union recently introduced a landmark piece of legislation to regulate the burgeoning technology, but the UK’s financial watchdog has said that it does not have plans to follow suit.

Speaking to parliament's Treasury Select Committee, FCA chief executive officer Nikhil Rathi said that it was important not to “jump in” and restrict technologies which are yet to be fully understood.

He described AI as a "hugely accelerating topic", adding: "The serious organised criminals don't have anyone regulating them, and they are making unfettered use of AI to manipulate markets,

"We do need firms to make sure that as they roll out use they think about anti-fraud and cyber risk.”

The FCA boss added that it is his view that the existing rules to ensure market integrity and risk monitoring along with the new consumer duty are enough at present, and that financial firms already have the ability to “pull back and stop” if any problems emerge.

Rathi added: "In that sense we are differently placed to a number of our major competitors around the world in having that framework.

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