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The lenders are among eight firms, alongside Experian PLC, UBS and Go-Cardless, chosen by the Financial Conduct Authority (FCA) for the second round of testing artificial intelligence (AI) applications under regulatory supervision.
The firms are testing AI systems to assess risks in simulated real-world conditions, the regulator said, providing support for companies that say they are ready to use the technology in live markets.
Testing by the consort began this month and will run through to the end of the year, with findings due in early 2027.
The companies are testing a range of AI use cases, including investment support tools, credit insights, anti-money laundering detection and “agentic AI” payments.
The FCA said a previous cohort included NatWest, Monzo, Santander, Snorkl and Lloyd’s Scottish Widows arm.
Jessica Rusu at the FCA said the initiative, supported by the regulator and AI testing specialist Advai, “reflects our commitment to supporting the pace of change in AI, whilst demonstrating how regulators and industry can work together to harness innovation responsibly”.
The FCA also said applications to its innovation services rose 49% year-on-year, indicating strong demand for AI-driven financial technology.
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