FCA Selects Eight Banks for AI Live Testing Including Barclays and UBS

AI Summary

The UK’s Financial Conduct Authority (FCA) has selected eight banks, including Barclays (BARC), Experian (EXPN), Lloyds Banking Group’s Scottish Widows, and UBS (UBS), for its AI Live Testing program. This initiative aims to trial artificial intelligence applications under real market conditions, with participants assessing various use cases like investment guidance and anti-money laundering checks. The FCA noted a 49% increase in applications for its Regulatory Sandbox and Innovation Pathways compared to the previous year. The testing is scheduled to be completed by the end of 2026, followed by a report in Q1 2027 detailing best practices.