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ReportFinanceUKConfirmed

Bank of England and FCA survey finds 75% of UK financial firms use AI

See how this story connects

Source: Bank of England

The Bank of England and FCA published their third survey of AI in UK financial services on 21 November 2024, based on 118 firms. It found 75% of firms already use AI, up from 58% in 2022, and another 10% plan to within three years. Foundation models were 17% of use cases and third-party implementations a third, and the top three providers accounted for 73% of named cloud providers and 44% of model providers.

Why it matters

UK supervisors now had figures showing wide AI use in finance and reliance on a few cloud and model providers.

When
21 Nov 2024
ID
WTA-N-2024-0143
Who
Bank of England, FCA

Summary by wheresthe.ai, from Bank of England. Checked against the source on 9 Oct 2026.

Read the original at Bank of England

Source copy: download the page as saved on 18 Oct 2026 (PDF). Document the source offers: document 1 (PDF). Also held by the Internet Archive.

Next stop on this Storyline: What happened nextFSB chair Bailey warns G20 of frontier AI risks: cyber first, then valuations

Cite this story

WTA-N-2024-0143: “Bank of England and FCA survey finds 75% of UK financial firms use AI.” wheresthe.ai, 21 Nov 2024. https://wheresthe.ai/d/gb-boe-fca-ai-in-financial-services-survey-2024-11/ (source: Bank of England).

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