The Financial Conduct Authority plans to launch a live AI testing service in September 2025. This initiative seeks feedback from firms on how to ensure safe AI deployment, aiming to operate for 12 to 18 months. It’s part of the FCA’s five-year strategy to leverage tech for growth, with an emphasis on collaborating with firms.
In an exciting development, the Financial Conduct Authority (FCA) has announced they plan to roll out a live artificial intelligence (AI) testing service by September 2025. With this, the FCA aims to seek input from various firms on how this new service can facilitate the safe deployment of AI technologies within the financial sector. This venture is part of a broader push to integrate innovative tech into finance.
This live testing initiative will be a key feature of the FCA’s AI Lab, enabling financial companies to work closely with the regulator. The intention here is to ensure that firms’ new AI tools are compliant and functional before being brought to market. Additionally, the FCA hopes to give organizations valuable insights regarding the potential effects of AI on the UK’s financial markets.
The proposed service is set to take place over a period of 12 to 18 months, focusing on assisting firms that are gearing up to launch consumer or market-facing AI models. This move is part of the FCA’s ambitious new five-year strategy aimed at fostering a tech-positive environment.
Jessica Rusu, FCA’s chief data, intelligence, and information officer, emphasized their commitment, stating that they want “financial firms and their customers to benefit from AI.” She pointed out that this initiative is about creating a supportive ‘safe space’ for firms as they explore AI applications in finance.
As firms prepare for the service, it’s worth noting that feedback on this initiative will be accepted until June 10, underscoring the FCA’s eagerness to collaborate and refine this testing process before it goes live.
The FCA’s launch of a live AI testing service marks a significant step toward ensuring the safe and responsible integration of AI in the financial sector. This initiative aims not only to bolster firms’ confidence in deploying AI but also to clarify its impact on financial markets. As they ready for implementation in 2025, the FCA is seeking valuable feedback, showcasing a commitment to innovation while prioritizing security and trust in technology.
Original Source: www.mortgagefinancegazette.com
