On 9 July 2025, the Financial Conduct Authority updated its webpage on the AI Lab.
The webpage provides further information on AI Live Testing and includes a link to the terms of reference.
Among other things the terms of reference mention that:
- AI Live Testing is now open until 20 August 2025. Application results will be communicated by mid-September 2025. The FCA expects to open a second application window in the autumn.
- To be eligible firms must demonstrate certain criteria including that they have a material AI use case that is relevant to financial services and markets(i.e. non-financial service use cases may be excluded).
- AI Live Testing is expected to run for approximately 12 months, with each live testing cohort running for approximately 6 months (depending on the individual circumstances of the AI use case). After the 12 months, the FCA will evaluate whether the initiative has met its stated objectives and will publish an evaluation report. Depending on industry feedback and overall evaluation, AI Live Testing could become a permanent FCA service.
- The FCA is aiming for AI Live Testing to have two cohorts, each made up of 5 to 10 participating firms. The FCA may accept a higher number of firms depending on the range of use cases submitted and their representativeness of the UK financial services sector.