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Matthias Knab, Opalesque for New Managers:

The Financial Conduct Authority (FCA) is working with major firms to test Artificial Intelligence (AI) in a safe environment to better understand its benefits and risks.

The AI Live Testing initiative is the first of its kind in the financial sector, designed for firms ready to deploy AI in UK financial markets. Participating organisations receive tailored support from the FCA's regulatory team and its technical partner Advai to develop, assess and deploy safe and responsible AI systems.

The first group of participating firms includes: Gain Credit, Homeprotect (part of the Avantia Group), NatWest, Monzo, Santander, Scottish Widows (part of Lloyds Banking Group) and Snorkl.

AI Live Testing helps firms address key questions around evaluation frameworks, governance, live monitoring and risk management to ensure AI is deployed safely for consumers and markets.

Many of the AI applications currently being tested focus on retail financial services, including use cases to support debt resolution and financial advice. Other applications explore the potential for AI to improve customer engagement, streamline complaints handling and help consumers make better spending and saving d......................

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