Industry News
This allows firms to safely trial real-world AI applications with regulatory oversight, a major step towards responsible AI adoption across the financial sector.
Key insights include:
➡️ First-of-its-kind testing framework: Firms can deploy AI in controlled live settings with direct support from the FCA and technical partner Advai, ensuring models meet safety, governance and risk standards;
➡️ Major institutions in the first cohort: Gain Credit, Homeprotect (Avantia), NatWest, Monzo, Santander, Scottish Widows, and Snorkl are the first firms approved to participate; and
➡️ Strengthening evaluation & monitoring: Testing helps firms design robust frameworks for live monitoring, governance, and risk management, ensuring safe deployment across retail markets.
✅ Firms planning to adopt AI should monitor the FCA’s next cohort opening in January 2026 and assess whether their governance, data, and risk frameworks are ready for supervised live testing
💡 At Plenitude, our AI Assurance Services help clients realise the benefits of AI while managing risks, supported by world-leading expertise. Reach out directly or visit our website for more information: https://www.plenitudeconsulting.com/services/ai-assurance-services
