The U.K.’s financial regulators have long maintained that AI use by banks, insurers, and other financial services firms is already regulated under existing rules, but such assurances are increasingly being questioned after U.K. lawmakers raised concerns that there were potentially serious gaps in supervision and that new rules may be necessary. 

Neil Hodge is a freelance business journalist and photographer based in Nottingham, United Kingdom. He writes on insurance and risk management, corporate governance, internal audit, compliance, and legal...