The FCA has confirmed the second group of firms selected to join AI Live Testing.
Eight new firms, including Barclays, Experian, Lloyds Banking Group (Scottish Widows), and UBS, have been chosen to live test AI applications to support safe and responsible deployment.
The initiative helps applicants explore key questions around risk management and live monitoring to support the responsible deployment of AI for consumers and markets.
Applications reflect the fast-evolving nature of the technology, with a diverse range of AI models underpinning use cases – from agentic AI and small language models to emerging solutions such as neurosymbolic AI.
Firms in the second group are testing both customer-facing and business to business use cases, including AI-enabled targeted support for investments, credit score insights for consumers, agentic payments, anti-money laundering detection, and Know Your Customer.
The first group of firms included NatWest, Monzo and Santander, focusing on retail financial services including how to harness AI to support debt resolution or provide financial advice.
Applications for the second cohort opened in January, with firms beginning testing in April. Testing will conclude by the end of the year, with an evaluation report published in Q1 2027.
The FCA will also publish a 'Good and Poor Practice report' for AI in financial services later this year to support firms in the safe and responsible adoption of the developing technology.
Jessica Rusu, chief data, information and intelligence officer at the FCA, commented: “We’re continuing to collaborate with firms to support the safe and responsible development of AI in UK financial markets.
“With tailored support from the FCA and Advai, the initiative reflects our commitment to supporting the pace of change in AI, whilst demonstrating how regulators and industry can work together to harness innovation responsibly.”
