The FCA is seeking views from firms about how its live AI testing service can help them to deploy safe and responsible AI, which will benefit UK consumers and markets.
The live testing service 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 testing service will provide regulatory support to firms who are ready to deploy consumer or market-facing AI models. The proposed live testing service would run for 12 to 18 months, with plans to launch in September this year.
The proposal builds on the FCA’s new five-year strategy which sets out how the regulator will support growth by enabling innovation and ensuring the continued competitiveness of the UK’s world-leading financial services through a tech-positive approach. It will also support the FCA to be a smarter regulator by embracing data and technology to be more effective and efficient.
Jessica Rusu, the FCA’s chief data, intelligence and information officer, says: “Under our new strategy, we’ve committed to being increasingly tech positive to support growth. We want financial firms and their customers to benefit from AI, so we’re providing a safe space to test how they plan to use it.”
Feedback to the Engagement Paper closes on June 10.
