Barclays, Experian, Lloyds Banking Group’s Scottish Widows, Coadjute, UBS, Go-Cardless, Palindrom and Aereve will live test artificial intelligence (AI) applications to support the safe and responsible use of the technology.
The first testing round involved Gain Credit, Homeprotect – part of the Avantia Group – NatWest, Monzo, Santander and Snorkl, with Scottish Widows also taking part.
The regulator’s technical partner and specialist in automated AI assurance, Advai, will provide the AI Live testing. Participants will be able to explore risk management and carry out live monitoring to support the responsible implementation of AI for consumers and markets.
The FCA said the applications reflected the “fast-evolving” nature of AI, with a wide, diverse range of tools underpinning use cases.
The firms taking part in the second cohort will test the use of AI in customer-facing and business-to-business scenarios, including Know Your Customer (KYC) checks, anti-money laundering (AML), and credit score insights for consumers.
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Jessica Rusu, chief data, information and intelligence officer at the FCA, said: “We’re continuing to collaborate with firms to support the safe and responsible development of AI in UK financial markets.
“With tailored support from the FCA and Advai, the initiative reflects our commitment to supporting the pace of change in AI, whilst demonstrating how regulators and industry can work together to harness innovation responsibly.”
Firms will begin testing this month and will conclude by the end of the year, with an evaluation report published in the first quarter of 2027.
Good and poor AI practices
The FCA will also publish a Good and Poor Practice report for the use of AI in financial services later this year. This is intended to support firms with the safe and responsible use of AI.
