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ASIC Chair Joe Longo Outlines AI Blueprint for Banking at ABA Conference

On 23 July 2025, the Australian Securities and Investments Commission (ASIC) Chair Joe Longo delivered a speech at the Australian Banking Association (ABA) Banking Conference in Sydney. The speech, titled “AI: A blueprint for better banking?”, explored how artificial intelligence could reshape Australia’s banking sector. Longo confirmed that ASIC will not impede customer-centric AI innovation but warned that “cutting-edge technology cannot leave your customers bleeding.” While the regulator does not plan to rush new AI-specific rules, ASIC emphasised that directors and licensees must already comply with technology-neutral obligations under the Australian Corporations Act 2001 (Cth). Joe Longo argued that trust in AI remains low in Australia, but that banks are uniquely positioned to rebuild consumer confidence by deploying AI ethically. He concluded by stating that ASIC would use its existing enforcement powers to address misconduct and ensure that AI adoption delivers real benefits for customers.

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UK FCA Chief Data Officer Jessica Rusu Delivers Policy Remarks on AI Regulation and Innovation at City Week 2025

On 1 July 2025, Jessica Rusu, Chief Data, Information and Intelligence Officer of the United Kingdom Financial Conduct Authority (UK FCA), delivered a speech titled “Harnessing AI and technology to deliver the FCA’s 2025 strategic priorities” at the AI and Digital Innovation Summit during City Week 2025. The speech outlined the UK FCA’s commitment to fostering AI innovation in financial services, emphasizing a pro-growth, proportionate regulatory environment to support technological advancement while ensuring consumer protection and market integrity. The speech addressed the transformative potential of AI in financial services, focusing on regulatory tools like the Supercharged Sandbox and AI Live Testing to support firms. Rusu emphasized existing frameworks, such as the Senior Managers Regime and Consumer Duty, as sufficient for AI oversight, avoiding the need for new regulations. The remarks targeted financial services firms, fintechs, and innovators, with calls for collaboration...

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