The Financial Conduct Authority (FCA) is set to launch a live AI testing service aimed at assisting firms in deploying safe and responsible artificial intelligence models.
As part of the FCA’s AI Lab initiative, this service seeks to address a testing gap in the market that is hindering AI adoption by financial institutions. It will enable firms to work directly with the regulator to ensure their new AI tools are ready for deployment and will also give the FCA valuable insights into how AI may influence UK financial markets.
The FCA is inviting feedback from firms regarding this initiative, which is scheduled to run for 12 to 18 months, with a planned launch in September 2025. This initiative arises in response to concerns about how strict compliance requirements are hampering investment in AI technologies.
Jessica Rusu, the FCA’s chief data, intelligence, and information officer, stated, “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.”