The Financial Conduct Authority (FCA) in the UK is requesting input from firms regarding its new live AI testing service, which is expected to launch in September 2025.
This initiative is designed to support businesses in deploying AI safely and responsibly, ultimately benefiting both consumers and the UK financial markets.
The live testing service will form a part of the FCA’s AI Lab, which has been aiding businesses with AI development.
This service is intended to address a testing gap that has been hindering the broader adoption of AI within the financial sector. Firms will be able to work directly with the FCA to verify that their AI tools are ready for use.
The service will also provide the FCA with insights into the potential impact of AI on UK financial markets.
This service will offer regulatory guidance to firms that are ready to deploy AI systems that interact with consumers or the wider market.
The proposed testing initiative is set to run for a period of 12 to 18 months.
This proposal aligns with the watchdog’s five-year strategy to promote innovation and uphold the competitiveness of the UK’s financial services industry.
The initiative is also intended to make the FCA a more efficient regulator by integrating data and technology into its operations.
The regulator noted that the responses to the Engagement Paper for this proposal will be accepted until 10 June 2025.
FCA chief data, intelligence and information officer Jessica Rusu said: “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.”
“UK’s FCA unveils plans to launch live AI testing service” was originally created and published by Retail Banker International, a GlobalData owned brand.
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