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PolicyFinanceUKConfirmed

FCA sets out how existing UK financial rules apply to firms using AI

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Source: Financial Conduct Authority

The UK Financial Conduct Authority published its AI Update on 22 April 2024, answering the government’s request that regulators explain how they apply its five AI principles. It maps each principle to existing rules, including the Consumer Duty, the Senior Managers and Certification Regime and operational resilience rules, and says its framework does not specifically address AI transparency or explainability. Its 12-month plan includes a third machine learning survey with the Bank of England and work on an AI sandbox.

Why it matters

UK financial firms learned that the FCA would supervise AI through current conduct and accountability rules, with no AI-specific rulebook, and that senior managers stay answerable for AI outcomes.

When
22 Apr 2024
ID
WTA-N-2024-0096
Who
FCA, Bank of England

Summary by wheresthe.ai, from Financial Conduct Authority. Checked against the source on 9 Oct 2026.

Read the original at Financial Conduct Authority

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: Led toBank of England and FCA survey finds 75% of UK financial firms use AI

Cite this story

WTA-N-2024-0096: “FCA sets out how existing UK financial rules apply to firms using AI.” wheresthe.ai, 22 Apr 2024. https://wheresthe.ai/d/gb-fca-ai-update-2024-04/ (source: Financial Conduct Authority).

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