UK financial regulators currently apply technology-neutral rules rather than a new AI rulebook. Consumer Duty, SM&CR, governance and model-risk expectations remain the main control anchors.
The FCA says it does not plan additional AI-specific rules and is using testing and industry engagement to clarify good practice. PRA model-risk principles are already in force for in-scope banks.
FCA-authorised firms and PRA-regulated banks, building societies and insurers, according to existing rule scope and model materiality.
Summarised from the primary instruments below. Open the source before relying on an obligation for legal or compliance decisions.
Allocate accountable senior management ownership and apply existing governance and controls to AI-supported activity.
Apply model identification, tiering, independent validation and lifecycle monitoring proportionate to model materiality.
Demonstrate that AI-supported products and decisions deliver Consumer Duty outcomes and do not create foreseeable harm.
The original authority remains the source of truth. Dates below are publication and effective dates, not OneBench ingest dates.
Financial Conduct Authority
Explains the FCA’s outcomes-based, technology-neutral approach and how existing frameworks apply to AI.
Prudential Regulation Authority
Sets five principles spanning model identification, governance, development, independent validation and risk mitigants.
Financial Conduct Authority
Confirms reliance on existing frameworks and commits to sharing observed good and poor practice.