On 9 September 2025, the Financial Conduct Authority (FCA) published Feedback Statement 25/5: Summary of Feedback Received on the Engagement Paper proposing AI Live Testing (FS25/5).
In FS25/5 the FCA summarises the feedback it received to an Engagement Paper it published in April 2025 which set out a proposal for AI Live Testing.
The FCA reports that respondents welcomed the proposal for AI Live Testing, feeling that it was a constructive and timely step toward increasing transparency, trust and accountability in the use of AI systems.
Next steps
The FCA has launched AI Live Testing, as part of the existing FCA AI Lab. The application window for the first cohort of AI Live Testing was opened on 9 July 2025 and was extended until 15 September 2025. The FCA will start working with participating firms in the first cohort in October 2025.
The FCA has plans for two cohorts, each made up of approximately five to ten participating firms. The FCA may accept a higher number of firms depending on the range of use cases submitted and how representative they are of the UK financial services sector. The application window for the second cohort will open before the end of the year.
For AI Live Testing, the FCA has committed to publishing an evaluation report at the end of the approximately 12-month process.