The UK’s Financial Conduct Authority (FCA) has called for expanded powers to better oversee risks associated with artificial intelligence, emphasizing the necessity for collaboration among regulators to address potential threats from AI technologies. This appeal comes as the FCA has been reviewing the application of existing regulatory frameworks, like the Senior Managers and Certification Regime, to AI systems in financial services, reflecting the rapid pace of technological change. Additionally, recent initiatives by the FCA include piloting AI tools for regulatory workflows and coordinating with other UK financial regulators on joint statements to manage emerging AI risks, particularly cyber threats.

UK Financial Conduct Authority: The UK Financial Conduct Authority serves as the primary regulator for financial markets and firms in the United Kingdom, focusing on consumer protection, market integrity, and promoting competition. In June 2026, it issued a speech on rethinking regulation in the age of AI, stressing the need for greater emphasis on collaboration, system-wide risk awareness, and potentially enhanced powers to address emerging technologies. This directly aligns with its recent call for expanded oversight capabilities to tackle AI-related risks and threats through coordinated regulatory efforts.

AI Regulation: The FCA has been actively reviewing how existing frameworks like the Senior Managers and Certification Regime apply to AI systems in financial services amid rapid technological change.
Oversight Evolution: Recent FCA initiatives include piloting AI tools for regulatory workflows and exploring adaptations to supervisory practices to handle AI-driven developments in markets.
Regulatory Collaboration: UK financial regulators including the FCA have issued joint statements on managing frontier AI risks, particularly cyber threats, underscoring the push for coordinated approaches across agencies.