The Financial Conduct Authority (FCA) will launch a live artificial intelligence (AI) test service in September 2025.
The FCA is looking for views of companies about how its live AI test service can help them implement safe and responsible AI.
The live test service, which would be the newest component of the AI Lab of the FCA, would enable companies to work with the regulator, while checking whether their new AI tools are ready to be used.
Moreover, the FCA says that it would offer them information to better understand how AI can influence the British financial markets.
The proposed live test service would last 12 to 18 months and will offer legal support to companies that are ready to use consumer or market-oriented AI models.
The proposal builds on the new five -year strategy of the FCA.
FCA Chief Data, Intelligence and Information Officer Jessica Rusu says: “Under our new strategy, we have committed ourselves to being more and more technically positive to support growth.”
“We want financial companies and their customers to benefit from AI, so we offer a safe space to test how they intend to use it.”
Feedback on the service closes on 10 June.