The UK Financial Conduct Authority (FCA) has announced that it is currently collaborating with major companies to test AI in a safe manner.
The main focus of the initiative is to better understand the potential benefits and risks of AI technology. Coming as the first of its kind in the financial sector, the AI Live Testing project aims to support UK companies that are prepared to use AI in financial markets.
Members, objectives, and strategy
Participating firms benefit from personalised support from the FCA’s regulatory team and its technical partner, Advai, to develop, assess, and deploy safe and responsible AI. The first group to participate in the initiative includes Gain Credit, Homeprotect, part of the Avantia Group, NatWest, Monzo, Santander, Scottish Widows, part of Lloyds Banking Group, and Snorkl.
Through AI testing, companies are set to be able to address key issues and questions regarding evaluation frameworks, live monitoring governance, and risk management. This focuses on ensuring that AI is deployed both safely and responsibly for consumers and financial markets.
Talking about the move, Jessica Rusu, chief data, information and intelligence officer at the FCA, stated that the new AI Live Testing service helps companies that are ready to use AI in live markets. By closely collaborating with firms and its technical partner Advai, the FCA plans to ensure that AI is developed and deployed securely across the UK.
Furthermore, with this project, the FCA intends to get a better grasp on how AI could shape UK financial markets and inform its future approach to the technology. The AI Live Testing initiative comes as an addition to the regulator’s Supercharged Sandbox, which supports firms that are in the discovery and experiment phase with AI. The sandbox was launched in partnership with Nvidia, with firms across the UK being able to experiment with AI utilising the latter’s accelerated computing and NVIDIA AI Enterprise Software. This sought to equip them with access to improved data, technical expertise, and regulatory support, in turn enabling them to advance innovation in the sector.
According to the official press release, applications for the second cohort for AI Live Testing are set to open in January 206. Following this, participating companies will be able to begin testing in April 2026.
