The Financial Conduct Authority has published a
speech by Jessica Rusu, FCA Chief Data, Information and Intelligence Officer, on ten years of FCA innovation. In the speech, Ms Rusu announced the
launch of the AI Lab, which will help the FCA in its mission to facilitate firms overcome challenges in building and implementing AI solutions, as well as supporting the U.K. Government's work on safe and responsible AI development. Ms Rusu explains that the AI Lab will play a critical role by providing AI-related insights, discussions, and case studies, assisting the FCA to deepen its understanding of potential AI risks and opportunities. The AI Lab will be made up of four components:
- AI Spotlight: will provide a space, hosted on the Innovation Services FCA portal, for firms and innovators to share real-world examples of how they are leveraging AI, and to share emerging AI solutions. For accepted participants there will be a Showcase Day at the FCA's London office on January 28, 2025. Applications to the AI Spotlight are open.
- AI Sprint: will bring together industry, academia, regulation, technology and consumers, to focus on how the FCA enables the safe adoption of AI in financial services. The FCA will host the inaugural AI Sprint in January 2025.
- AI Input Zone: an online feedback platform for all stakeholders to have their say on the future of AI in U.K. financial services, including the FCA's regulatory approach. The FCA wants to hear views on the most transformative use cases, how the current framework works and how it may need to adapt in the future. The platform will open in November 2024.
- Supercharged Sandbox: the FCA will run AI-focused TechSprints and enhance its Digital Sandbox infrastructure through greater computing power, enriched datasets and increased AI testing capabilities.
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