Date: 6th August 2021

The European Commission has proposed a Regulation laying down harmonised rules on artificial intelligence (artificial intelligence act) and amending certain union legislative acts. The purpose of this regulation is to provide a uniform legal framework for the internal market regarding the marketing and the use of Artificial intelligence (AI).

BETTER FINANCE strongly supports the proposal for an AI framework that allows providing legal and ethical clarity on the use of Artificial Intelligence. In our policy recommendations and research on Robo Advisors we have on several occasions pointed to the fact that in order to regain the trust of consumers it is necessary to propose a legislative framework for Artificial Intelligence and to ensure that the use of algorithms is fair, transparent, and accountable to consumers and does not harm EU citizens’ fundamental rights.