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Lui, A, Lamb, G and Durodola, L (2025) A right to explanation for algorithmic credit decisionsin the UK. Law, Innovation and Technology. pp. 1-29. ISSN 1757-9961
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Abstract
This article argues for a statutory right to explanation in automated creditdecision-making in the UK, as transparency and accountability are centralto the rule of law. First, from a moral standpoint, we demonstrate thatthere is a double level of distrust in financial services and algorithms.Algorithms are unpredictable and can make unreliable decisions.Algorithmic challenges such as bias, discrimination and unfairness areexacerbated by the opacity problem commonly known as the ‘black box’phenomenon. The informed consent process in automated credit decision-making is thus incomplete, which requires an ex-post right to explanationfor completing the informed consent procedure. Secondly, our doctrinaland comparative legal methodologies reveal that countries such as theUSA, Canada, European Union, China and Poland already provide a right toexplanation to credit applicants under certain circumstances. We alsopresent new empirical evidence of a public desire to have a right toexplanation for unsuccessful credit applications
| Item Type: | Article |
|---|---|
| Uncontrolled Keywords: | 1801 Law |
| Subjects: | H Social Sciences > HG Finance K Law > K Law (General) T Technology > T Technology (General) |
| Divisions: | Law |
| Publisher: | Taylor and Francis Group |
| SWORD Depositor: | A Symplectic |
| Date Deposited: | 06 Jan 2025 12:04 |
| Last Modified: | 03 Mar 2025 12:00 |
| DOI or ID number: | 10.1080/17579961.2025.2469352 |
| URI: | https://researchonline.ljmu.ac.uk/id/eprint/25169 |
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