The FCA is launching an AI Lab to work alongside banks, tech firms, academia and consumer groups to explore how AI can be safely and effectively integrated into financial services
The initiative was announced in a speech by Jessica Rusu, chief data, information and intelligence officer at the FCA, who says that the Lab will provide AI-related insights, discussions, and case studies, helping to deepen understanding of potential AI risks and opportunities.
The Lab will be made up of a number of components. An AI Spotlight will provide a space for firms and innovators to share real-world examples of how they are leveraging AI, and to share emerging technology that will aid industry growth. Those accepted will also take part in a Showcase Day at the FCA London office on 28 January 2025.
An AI Policy Sprint will additionally bring together representatives from banks academia, technology and consumer groups, to focus on how to enable the safe adoption of AI in financial services.
The FCA's digital sandbox will also be fine-tuned to cater for AI TechSprints, with greater computing power, enriched datasets and increased AI testing capabilities.
"We’ve heard directly from firms about the challenges they face, and we’ve adapted our approach to meet those needs," says Rusu. "It’s a chance for us to work together to shape the future of AI in financial services, providing us with a practical understanding of AI usage, and helping to inform the FCA’s policy approach."