The FCA is seeking views from firms about how its live AI testing
service can help them to deploy safe and responsible AI, which
will benefit UK consumers and markets.
The live testing service would be a new component of the FCA's AI
Lab, which has been supporting firms with the development and
deployment of AI and would help to fill a testing gap slowing
firms' adoption of AI.
The live testing service would allow firms to collaborate with
the FCA while they check that their new AI tools are ready to be
used. It would also provide the FCA with intelligence to better
understand how AI may impact UK financial markets.
The live testing service will provide regulatory support to firms
who are ready to deploy consumer or market-facing AI models. The
proposed live testing service would run for 12 to 18 months, with
plans to launch in September 2025.
The proposal builds on the FCA's new 5-year strategy which sets
out how the regulator will support growth by enabling innovation
and ensuring the continued competitiveness of the UK's
world-leading financial services through a tech-positive
approach. It will also support the FCA to be a smarter regulator
by embracing data and technology to be more effective and
efficient.
Jessica Rusu, the FCA's chief data, intelligence and information
officer, said:
"Under our new strategy, we've committed to being increasingly
tech positive to support growth. 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."
Feedback to the Engagement Paper closes on 10 June 2025.
Notes to editors
- Read the Engagement Paper.
- On 29 April, in a keynote speech at Innovate
Finance's Global Summit (IFGS), Jessica Rusu will set out plans
for the proposal.
- We set out how the FCA is working to accelerate digital
innovation in our response to the Prime
Minister's letter, including that we would avoid additional
regulations for AI by relying on existing frameworks.
- In April 2024, we set out our AI Update which
outlines how our existing regulatory frameworks apply to firms'
use of AI.
