Machine learning (ML) is the development of models for prediction and pattern recognition from data, with limited human intervention. In the financial services industry, the application of ML methods has the potential to improve outcomes for both businesses and consumers.(1) In recent years, improved software and hardware as well as increasing volumes of data have accelerated the pace of ML development. The UK financial sector is beginning to take advantage of this. The promise of ML is to make financial services and markets more efficient, accessible and tailored to consumer needs.(2) At the same time, existing risks may be amplified if governance and controls do not keep pace with technological developments. But the risks presented by ML may be different in each of the contexts it is deployed in.(3) More broadly, ML also raises profound questions around the use of data, complexity of techniques and the automation of processes, systems and decision-making.