The UK’s Financial Conduct Authority is set to begin live testing AI technology, with NatWest, Santander and Monzo among the first groups to do so.
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The initiative, which was first broadcast in April, will see participating companies develop, evaluate and deploy safe and responsible AI with tailored support from the FCA’s regulatory team and its technology partner Advai.
Gain Credit, Avancia Group’s Home Protect, NatWest, Monzo, Santander, Lloyds Banking Group’s Scottish Widows and Snorkle are the first groups to join.
Many of the AI applications currently being tested as part of the project are focused on personal financial services, including use cases that utilize AI to support debt resolution and provide financial advice. Applications are also exploring the potential of AI to improve customer engagement, streamline complaint handling, and help consumers make smarter spending and saving decisions.
Jessica Luss, Chief Data, Information and Intelligence Officer at the FCA, said: “Our new AI Live Testing service will support businesses ready to leverage AI in live markets. By working closely with businesses and our technology partner Advai, we are helping ensure that AI is developed and deployed safely and responsibly in UK financial markets.”
Applications for the second cohort of AI Live Tests will open in January 2026, and participating companies will be able to begin testing in April.
