Emma RadmoreThe FCA is asking for views on AI Live Testing which it plans to launch as part of its AI Lab, to support firms’ safe and responsible deployment of AI. Its Engagement Paper asks particularly for views on:
- the primary blockers to live market deployment of AI models;
- whether the FCA’s proposal would address these challenges;
- whether the testing should focus on particular areas – whether specific types of models, evaluation techniques, outcome assessment strategies or particular sectors; and
- any other feedback generally.
The testing will be open to all firms who provide and support financial services who are looking to deploy established proofs of concept. The FCA plans to run 2 cohorts for 6 months each and to start in the summer.
The FCA asks for responses by 10 June.
Jessica Ruso, speaking at the Innovate Finance Global Summit, highlighted the FCA’s new strategy and spoke of its increased use of Sprints in many areas, such as the Tech sprint on the advice guidance boundary and sprints on Open Finance. She reminded delegates that the FCA thinks it has enough tools to cover AI related issues, and now needs to help firms to further develop their models, and explained the introduction of the AI Live Testing plans.