On 2 June 2025, the Financial Conduct Authority (FCA) issued a blog on its website called Tech, trust and teamwork: how the FCA and ICO are helping innovation take off.
In the blog the FCA mentions that it is working closely with the Information Commissioners Office (ICO) to support firms navigating data protection and financial regulation in a way that helps them innovate confidently. The regulator also refers to its latest joint AI survey with the Bank of England which showed that 85 per cent of the 118 financial services firms surveyed were currently using or planning to use AI. 33 per cent of firms cited data protection as a constraint on AI adoption and 20 per cent cited FCA regulations.
The blog also notes that:
- To support good practice a statutory code of practice for organisations developing or deploying AI and automated decision-making will be developed – enabling innovation while safeguarding privacy.
- The FCA plans to host a roundtable with smaller firms later this year to better understand challenges around AI adoption.
- As part of the ICO’s consultation series on generative AI, the ICO published detailed analysis on allocating controllership across the generative AI supply chain. The FCA has also provided information on the responsibility of firms when seeking to adopt generative AI.