UK FCA publishes new webpage on its approach to AI

The UK Financial Conduct Authority (FCA) has published a new webpage to support the safe and responsible adoption of AI in UK financial markets. The FCA confirms it does not intend to introduce new AI-specific regulations, opting instead to rely on existing frameworks which mitigate many of the risks associated with AI. The webpage outlines the requirements already in place that are relevant for using AI safely: the consumer duty and the accountability and governance requirements under the senior managers and certification regime. Firms are encouraged to visit the FCA's AI Lab for support on developing AI models and solutions safely and responsibly. The FCA confirms that it is leveraging AI tools, including predictive models and large language models, to enhance supervisory efficiency and consumer engagement. The webpage also highlights ongoing collaboration with domestic and international partners, including co-chairing the AI consortium with the Bank of England and signposting links to research the FCA has been involved in. In parallel, the FCA has confirmed on the same day that it intends to proceed with AI live testing.

Return to main website.