Barclays, Lloyds, UBS Among Banks Picked by UK FCA for AI Tests

(Bloomberg) — Barclays Plc, Lloyds Banking Group Plc and UBS Group AG are among the latest group of lenders in the UK authorized to develop and test out real-world artificial intelligence applications, according to the Financial Conduct Authority.

The tier-1 banks will join the FCA’s AI Lab program designed to assess risks and help develop secure tools for consumers and markets in the absence of codified rules. They will explore models ranging from agentic AI to so-called neurosymbolic AI that blends machine learning with structured reasoning, the British banking watchdog said in a statement Tuesday..

“We’re continuing to collaborate with firms to support the safe and responsible development of AI in UK financial markets,” Jessica Rusu, the FCA’s chief data, information and intelligence officer, said in the statement.

Lloyds has been one of the lenders in regular dialog with the FCA on how to deploy AI safely, including around the potential uses such as financial guidance. Britain’s largest mortgage lender used thousands of its staff as guinea pigs for an AI financial assistant it’s designed to help customers manage their spending, saving and investments.

Besides Barclays, Lloyds and UBS, the latest group chosen to test apps comprise five others: Experian Plc, Aereve, Coadjute, GoCardless and Palindrome. Due to conclude by the end of this year, the tests will be done in a controlled live-market environment involving real customers, the FCA said.

A previous cohort that included NatWest Group Plc, fintech firm Monzo Bank and Lloyds’ pension unit Scottish Widows had tested applications for about six months.

Separately, UK regulators, the Bank of England, the government and the National Cyber Security Centre are working closely to weigh potential risks posed by Anthropic’s as-yet unreleased AI model Mythos, which could herald a new era of cyber attacks, according to a person with knowledge of the discussions. Earlier, this month, US Treasury Secretary Scott Bessent summoned Wall Street executives to an urgent meeting to make sure they were aware of possible future threats from the technology.

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