Highlighting the transformative effect that AI technology is expected to have on the financial services sector, regulator the Financial Conduct Authority (FCA) has revealed the next step towards developing better governance. In a speech delivered at an FCA Innovation 10th anniversary event, the regulator’s Chief Data, Information and Intelligence Officer, Jessica Rusu announced the creation of an AI Lab to fuel collaboration around the development of future AI oversight.

The FCA’s new AI Lab is designed to help firms to overcome challenges faced as they develop and implement AI solutions, whilst also supporting the Government’s work around safe and responsible AI development. The creation of the AI Lab follows the launch in April this year of the FCA’s AI & Digital Hub, created in conjunction with the DRCF (Digital Regulation Cooperation Forum) and providing cross-sector guidance on AI solutions

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