The public-private industry group will be chaired by Sarah Breeden, deputy governor for financial stability at the central bank.

According to a statement, the group’s primary focus will be identifying current and potential future uses, assessing the benefits and risks, and informing the BoE’s policies on AI use within financial services.

The bank is looking to recruit about 30 members for the group, based on their expertise in both AI and financial services.

Meetings will be held four times a year with the minutes from these meetings published on the BoE’s website.

There will also be a number of workshops held throughout the year to look in more detail at complex issues.

The deadline for applications is November 8.