Gain Credit, Homeprotect, part of the Avantia Group, NatWest, Monzo, Santander, Scottish Widows, part of Lloyds Banking Group, and Snorkl are the first group to take part.
Through the AI Live Testing Initiative, firms will gain tailored support from the FCA’s regulatory team and its technical partner Advai, to develop, assess and launch “safe and responsible” AI.
Participating firms will be able to address any questions around evaluation frameworks, live monitor governance and risk management to ensure the safe release and responsible use of AI for consumers and markets.
Most of the AI currently being tested is focused on retail financial services, such as the use of the technology to support debt resolution or provide financial advice. It will also explore the potential for AI to improve customer engagement, streamline complaints handling and help people make smarter financial decisions around spending and saving.
FCA will also use the programme to understand how AI could influence UK financial markets and inform its future approach to the technology.
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This will sit alongside the regulators’ Supercharged Sandbox, which is open to firms that are in the discovery and experiment phase with AI.
Applications for the second group for AI Live Testing will open in January 2026, and firms will be able to start testing in April.
Jessica Rusu, chief data, information and intelligence officer at the FCA, said: “Our new AI Live Testing service helps firms who are ready to use AI in live markets.
“By working closely with firms and our technical partner Advai, we’re helping to make sure that AI is developed and deployed safely and responsibly in UK financial markets.”
