The Financial Conduct Authority (FCA) is seeking views from firms to aid its live AI testing service.
The service aims to develop the regulator’s AI lab, addressing the testing gap that is hindering UK firms’ development and deployment of AI.
“Under our new strategy, we’ve committed to being increasingly tech positive to support growth,” said Jessica Rusu, chief data, intelligence and information officer at the FCA.
“We want financial firms and their customers to benefit from AI, so we’re providing a safe space to test how they plan to use it.”
The service will foster collaboration between the FCA and firms engaging with AI, promoting a deeper understanding of the potential implications AI technologies may have on UK financial markets.
With plans to launch in September 2025, the proposed live testing service would run for 12 to 18 months, providing regulatory support to firms ready to deploy consumer- or market-facing AI models.
The proposal builds on the FCA’s new five-year strategy, which outlines how the regulator plans to support growth by enabling innovation and ensuring the continued competitiveness of the UK’s financial service sector and markets.
