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FCA AI Compliance: Governing AI in Financial Services Under Existing UK Rules

Financial Crime, Fraud and Anti Money Laundering Models

Quiz: Financial Crime, Fraud and Anti Money Laundering Models

Credit Decisions, Affordability Models and Fair Treatment

Quiz: Credit Decisions, Affordability Models and Fair Treatment

Insurance Pricing Practices and Automated Underwriting

Quiz: Insurance Pricing Practices and Automated Underwriting

Explaining Model Decisions to Customers and to Supervisors

Quiz: Explaining Model Decisions to Customers and to Supervisors

The FCA AI Live Testing Service and Supervisory Engagement

Quiz: The FCA AI Live Testing Service and Supervisory Engagement

Evidence a Supervisor Will Ask For During an AI Review

Quiz: Evidence a Supervisor Will Ask For During an AI Review

Final exam: FCA AI Compliance: Governing AI in Financial Services Under Existing UK Rules

2 of 2

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Quiz: Credit Decisions, Affordability Models and Fair Treatment

FCA AI Compliance: Governing AI in Financial Services Under Existing UK Rules
Credit Decisions, Affordability Models and Fair Treatment
Quiz: Credit Decisions, Affordability Models and Fair Treatment

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Question 1 of 5

1. Question

What must financial institutions ensure when using artificial intelligence in credit decisions according to the FCA?

That AI systems are only used for high-value loans
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That AI systems operate fairly and align with regulatory expectations
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That AI systems are exclusively based on traditional credit data
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That AI systems are not tested for bias
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Question 2 of 5

2. Question

Which of the following is a requirement for affordability models using AI as mentioned in the lesson?

The models must ignore income and expenses
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The models must reflect the borrower’s true financial position
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The models must rely on demographic data to predict repayment ability
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The models must not be reviewed for fairness
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Question 3 of 5

3. Question

What is one of the FCA’s expectations regarding AI systems in credit decisions?

The systems must be unexplainable to consumers
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The systems must be auditable and explainable
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The systems must not be tested for bias
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The systems must not be reviewed regularly
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Question 4 of 5

4. Question

What does the EU AI Act prohibit in relation to credit decisions?

The use of machine-readable data in AI systems
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The use of AI systems that make decisions based on sensitive characteristics
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The use of social media data for credit scoring
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The requirement for AI systems to be transparent
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Question 5 of 5

5. Question

Which standard provides a framework for AI management systems that firms should consider aligning with?

ISO/IEC 27001:2013
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ISO/IEC 42001:2023
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ISO/IEC 14001:2015
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ISO/IEC 20000:2018
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