WIREDGOV

Recently, the Financial Conduct Authority (FCA) has launched an Artificial Intelligence (AI) Lab to help firms navigate the challenges of AI adoption.  

The Lab is intended to provides a hub for collaboration between the FCA and its stakeholders to readily access relevant insights, discussion and case studies on the adoption of AI, in turn promoting safer use of the technology in the financial services sector.  

Announced at the FCA’s Innovation 10th Anniversary event, the initiative is intended to reaffirm the FCA’s commitment to responsible innovation in the sector.  

The AI Lab has four components: 

• AI Spotlight – a dedicated Digital Spotlight webpage, which will serve as a platform for showcasing selected real-world case studies of how firms innovate with AI in the financial services. By sharing emerging solutions, the spotlight intends to influence other firms and facilitate industry growth through the successful application of the technology. 

Projects selected for the AI Spotlight webpage will also have the opportunity to take part in a Showcase Day at the FCA London office, 28 January 2025. Applications are now open. 

• AI Sprint – Between 29 and 30 January 2025 the FCA will be holding an AI Sprint, bringing together industry, academics, regulators, technologists, and consumer representatives. At this event the FCA will inform their regulatory approach to AI, and will focus on how their practices enforce the safe adoption of AI. Registration of interest is open now. 
• AI Input Zone – Launching in the coming months, stakeholders will be able to share their thoughts on the future of AI in financial services through a dedicated online feedback platform. The FCA will be particularly interested in insights on the most transformative AI applications, the existing FCA frameworks, and how they may need to adapt to future trends. 
• Supercharged Sandbox – In the near future, firms will be invited to a series of  TechSprints and enhanced Digital Sandboxes to test their AI capabilities. The Sandboxes will have an enhanced infrastructure through greater computing power and enriched datasets. 

To find out more information, and how to apply to the AI Lab and the opportunities set out above, see here. 

Financial Services Programme activities

The techUK Financial Services programme connects tech firms, the FS industry, and regulators to ensure innovation and technology can be fully embraced. Through market engagement activities and events, we help to empower decision makers and aid collaboration.

Join our Digital Asset Working Group

In order to help members shape this exciting area, techUK are convening a working group focused on the landscape surrounding the adoption frameworks and regulatory perimeter of a broad range of digital assets, which will be chaired by Matt Green of law firm Lawrence Stephens.