FCA reveals first group of financial firms to take part in AI testing

NatWest; Scottish Widows, part of Lloyds Banking Group; Monzo; Santander; Gain Credit; Homeprotect, part of the Avantia Group; and Snorkl will work with the regulator and its technical partner Advai to develop, assess and deploy "safe and responsible" AI in the UK financial markets. The initiative will help firms address key questions around evaluation frameworks, live monitoring governance and risk management to protect both consumers and markets, the FCA explained. Many of the AI applications being tested currently focus on retail financial services, including debt and financial adv...