FCA proposes to launch AI live testing service

The UK Financial Conduct Authority (FCA) has released an engagement paper, together with a press release, on proposals to launch AI live testing as part of the AI Lab. AI live testing will be open to all firms who have established proofs of concept and provide and support financial services in the UK, with voluntary participation based on prescribed competitive selection criteria. The aim is to promote the safe and responsible adoption of AI in UK financial services. The live testing service will enable firms to collaborate with the FCA to check that their new AI tools are ready for use, while also providing the FCA with valuable insights into the potential impacts of AI on UK financial markets. The proposed live testing service would run for 12 to 18 months. The engagement paper reports that the FCA proposes to commence AI live testing in summer 2025, with the application process opening in early summer. The accompanying press release suggests a launch in September. The deadline for comments is 10 June.

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