Barclays, Experian and Lloyds Banking Group’s Scottish Widows, Coadjute, UBS, Go-Cardless, Palindrom and Aereve live test artificial intelligence (AI) applications and support the safe and responsible use of technology.
The first test round included GainCredit, Home Protect (part of the Avantia Group), NatWest, Monzo, Santander, Snorkle, and Scotland’s Widows.
Advai, the regulator’s technology partner and specialist in automated AI assurance, provides AI live testing. Participants can explore risk management and perform live monitoring to support responsible AI implementation for consumers and markets.
The FCA said these applications reflected the “rapidly evolving” nature of AI, with a wide range of diverse tools to support the use cases.
Companies participating in the second cohort will test the use of AI in customer-facing and business-to-business scenarios, including know-your-customer (KYC) checks, anti-money laundering (AML), and consumer credit score insights.
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Jessica Luss, Chief Data, Information and Intelligence Officer at FCA, said:
“With tailored support from the FCA and Advai, this work reflects our commitment to supporting the pace of change in AI, while also demonstrating how regulators and industry can work together to leverage innovation responsibly.”
The companies will begin testing this month and plan to complete the tests by the end of the year and publish their evaluation reports in the first quarter of 2027.
Good and bad habits of AI
The FCA will also publish a good and bad practice report on the use of AI in financial services later this year. It aims to support the safe and responsible use of AI by businesses.
