Context
The FCA has published a new web page and has delivered a speech outlining its plans to help firms with a live AI testing service. The FCA is seeking views from firms about how its live AI testing service can help them to deploy safe and responsible AI by publishing an Engagement Paper.
Key points to note and next actions
- The live testing service would be a new component of the FCA’s AI Lab, which has been supporting firms with the development and deployment of AI, and would help to fill a testing gap slowing firms’ adoption of AI. It would allow firms to collaborate with the FCA while they check that their new AI tools are ready to be used. It would also provide the FCA with intelligence to better understand how AI may impact UK financial markets.
The speech, delivered by Jessica Rusu (FCA chief data, information and intelligence officer) at the Innovate Finance Global Summit (IFGS) 2025, explained that the FCA is aware that international firms have different needs, and that the FCA has put in place support for those firms. It also announced the launch of the AI Live Testing, which will enable generative AI model testing in partnership between firms and supervisors, to develop shared understanding and explore evaluation methods that will facilitate the responsible deployment of AI in UK financial markets, including consumer-facing applications.
The FCA is asking for responses to the Engagement Paper by 10 June 2025.