This reinforces our belief that AI, when designed with integrity, governance, and ethics, can transform the way firms work. With AI evolving rapidly, rigid regulation could hinder rather than enable innovation. By leveraging existing frameworks, the FCA is supporting UK growth and competitiveness while keeping fairness, transparency, and accountability at the centre.
Key takeaways from the FCA’s approach:
➡️ Consumer duty, accountability and governance: Firms need to design products and services that deliver fair value, communicate effectively, and provide the right support;
➡️ Building on existing frameworks: Safe AI adoption can be achieved without new rules, by applying current regulatory expectations effectively; and
➡️ Learning from adoption in practice: The FCA’s own use of predictive AI and large language models (LLMs) shows how these tools can improve efficiency and customer experience.
💡 The FCA is not only regulating but also embracing AI, showing it’s more than a compliance challenge, it’s a tool for smarter, more resilient operations.
💡 At Plenitude, this is the ethos behind our “In AI We Trust” campaign: AI that strengthens human judgement, reveals hidden risks, and empowers firms to act with confidence.
💡 Plenitude’s AI Assurance Service helps clients realise the benefits of AI while managing the risks, supported by world-leading expertise.
Visit our website for more information: https://www.plenitudeconsulting.com/services/ai-assurance-services