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BoE calls for right to intervene as rogue AI risks grow

Bank of England governor Andrew Bailey warned that frontier AI could increase the scale and sophistication of cyber threats and disrupt card payments, bank transactions, and trading.

Reported · Written up by our desk · Central Banks

Andrew Bailey, governor of the Bank of England, said authorities need to retain the “right to intervene” in the AI industry as fears rise that rogue frontier models could threaten the financial system.

Bailey said the risks from rapid advances in frontier AI are “real and increasingly significant,” and could reduce society’s ability to supervise and step in when problems occur.

He added that the technology has implications for financial stability, including an increase in the scale and sophistication of cyber threats to the financial system, which he said could disrupt daily card payments, bank transactions, and stock and bond trading across markets.

The Guardian Business said Bailey made the remarks amid growing concern that multiple frontier AI models have gone rogue in recent months.

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