Companies including NatWest and Santander have signed up to the Financial Conduct Authority’s (FCA) new artificial intelligence (AI) testing scheme.
The AI Live Testing Scheme helps companies preparing to use artificial intelligence in UK financial markets.
Participating companies will receive customized support from the FCA regulatory team and its technology partner Advai to develop, evaluate and deploy safe and responsible AI.
Gain Credit, Homeprotect (part of Avantia Group), NatWest, Monzo, Santander, Scottish Widows (part of Lloyds Banking Group) and Snorkl are the first groups to take part.
The regulator said AI testing can help companies address governance and risk management issues to ensure AI is used safely and responsibly.
Many of the AI software being tested are used in retail financial services, such as helping provide financial advice or debt solutions.
Other uses include improving customer engagement, speeding up complaints processing and helping consumers make more informed decisions about spending and saving, the FCA said.
Jessica Rusu, chief data, information and intelligence officer at the FCA, said: “Our new AI live testing service can help firms that are ready to use AI in live markets. By working closely with firms and our technology partner Advai, we are helping to ensure that AI is developed and deployed safely and responsibly in UK financial markets.”
The FCA said the project will help the regulator better understand how artificial intelligence is shaping UK financial markets and inform its future approach to adopting the technology.
The second batch of AI real-time testing applications will open in January 2026, and participating companies will begin testing in April.
The Financial Ombudsman Service yesterday wrote off £900,000 for a scrapped artificial intelligence tool, its latest accounts show.
