The Financial Conduct Authority (FCA) has launched a major review into how advanced artificial intelligence (AI) could affect consumers, financial markets and regulators over the coming years.
With AI already built into many services across banking and insurance, the FCA wants to understand the effects it is likely to have over the next few years.
The purpose of the review
Evidence gathered will help the FCA decide how best to support innovation while ensuring retail financial services remain safe and trustworthy. The FCA does not plan to introduce AI‑specific regulation, but it wants to consider how regulators need to evolve as AI becomes more embedded in financial services.
The FCA is seeking views on four key themes:
- How AI might develop, including how more autonomous or “agentic” AI systems.
- How these developments could affect firms and markets.
- What the impact on consumers will be.
- How financial regulators may need to evolve.
Wholesale markets and wider societal issues fall outside the scope of this review but will be considered where they indirectly affect retail services.
To read more about the review and respond to the call for views, see the FCA website.