The FCA has launched a new ‘AI Lab’, seeking to support innovators as they develop new AI solutions while deepening its own understanding of the risks and opportunities AI presents to the financial services sector.

The AI Lab has four components:

• AI Spotlight, providing space for firms and innovators to share real-world examples of how they are leveraging AI, and to share emerging AI solutions. A showcase day will be held on 28 January 2025, and applications are already open;
• AI Sprint, a policy sprint to be held on 29 and 30 January 2025, bringing together industry, academics, regulators, technologists, and consumer representatives to focus on how the FCA enables the safe adoption of AI in financial services. Applications will open soon, and interest can be registered now;
• AI Input Zone, an online feedback platform that will open in the coming months, where stakeholders can have their say on the future of AI in UK financial services; and
• Supercharged Sandbox, where the FCA will run AI-focused TechSprints and enhance its Digital Sandbox infrastructure through greater computing power, enriched datasets and increased AI testing capabilities.

Read the full article on Slaughter and May here.