NatWest, Monzo, Santander, Scottish Widows, Gain Credit, Snorkl and the Homeprotect part of the Avantia Group have been named as the first group to take part in the Financial Conduct Authority’s (FCA) Artificial Intelligence Live Testing initiative. The scheme is described in the article as “first of its kind” and aims to provide participating firms with bespoke regulatory support and technical assistance to move Artificial Intelligence applications from experiment into live markets.
The service gives firms access to tailored support from the FCA’s regulatory team and to the regulator’s technical partner Advai to build, evaluate and roll out ‘safe and responsible’ Artificial Intelligence applications. Advai is identified in the article as a UK-based Artificial Intelligence company specialising in automated testing, evaluation and assurance of Artificial Intelligence systems. Some of the use cases currently under test focus on retail financial services, notably systems that support debt resolution or financial advice. The article also notes that firms are assessing uses of Artificial Intelligence to improve customer engagement, streamline complaints handling and help consumers make smarter spending and saving decisions.
Jessica Rusu, chief data, information and intelligence officer at the FCA, is quoted in the article describing the service as a way to help firms that are ready to use Artificial Intelligence in live markets. She said: “Our new Artificial Intelligence Live Testing service helps firms who are ready to use Artificial Intelligence in live markets. By working closely with firms and our technical partner Advai, we’re helping to make sure that Artificial Intelligence is developed and deployed safely and responsibly in UK financial markets.” The initiative is presented as a complement to the FCA’s Supercharged Sandbox, which supports firms in the Artificial Intelligence discovery and experiment phase. Applications for the second cohort for Artificial Intelligence Live Testing will open in January 2026, with participating firms beginning trials in April.
