HSBC, Nationwide, NatWest, Barclays, and Lloyds have reportedly moved to block AI agents from accessing customer accounts.
In some cases, the measures reportedly include specific bans on agents making transactions on a customer’s behalf without their direct involvement. The bans are understood to be pre-emptive, with no signs yet that AI agents are accessing accounts. Banks are concerned that agents could mismanage customers’ money, with no clear rules on who would be liable, and that large-scale automated account switching could affect profits and, in the most severe case, financial stability.
Agents that act, not just advise
The move comes as AI assistants increasingly carry out tasks rather than only giving advice. Meta launched Muse, a personal AI assistant that can shop and manage bills, in September 2026, and it is expected to reach the UK. Anthropic and OpenAI have both launched personal finance products that connect to people’s accounts, though these only read financial information rather than taking action on users’ behalf.
Standard Chartered CFO Manus Costello said such tools must be safe for both customers and banks before being allowed in, while Lloyds CFO Will Chalmers said the bank had seen no sign of agents accessing accounts but guards against the risk. The Financial Conduct Authority is working with the industry and other regulators on rules for AI agents in finance.
Deposit risks and US precedents
McKinsey has estimated that savers could move up to GBP 700 billion out of low- or no-interest accounts into savings products on the advice of AI tools, and that shifting just 5% to 10% of balances could cut banks’ deposit profits by a fifth or more. There are also concerns that agents acting together could withdraw deposits from a bank simultaneously.
The UK moves follow similar steps in the US, where Citigroup, Bank of America, Wells Fargo, and JPMorgan have blocked AI agents, and Charles Schwab says it blocks 10 to 20 clients a week from using them. In the UK, Strong Customer Authentication rules already require most payments to be approved in a banking app, often with biometrics.
