techUK news and views
29 Oct 2024

The Financial Conduct Authority Launches It’s New AI Lab

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. 

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Ella Gago-Brookes

Ella Gago-Brookes

Team Assistant, Markets, techUK

Ella joined techUK in November 2023 as a Markets Team Assistant, supporting the Justice and Emergency Services, Central Government and Financial Services Programmes.  

Before joining the team, she was working at the Magistrates' Courts in legal administration and graduated from the University of Liverpool in 2022.  Ella attained an undergraduate degree in History and Politics, and a master's degree in International Relations and Security Studies, with a particular interest in studying asylum rights and gendered violence.  

In her spare time she enjoys going to the gym, watching true crime documentaries, travelling, and making her best attempts to become a better cook.  

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