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UK Financial Services AI Regulations

UK financial-services regulatory references relevant to AI governance, covering FCA, PRA, BoE guidance, data protection law, and sector-specific requirements.

FCA - AI and the FCA; our approach / AI Update (2024)

Risks

AIR-OP-016Bias and Discrimination AIR-OP-017Lack of Explainability AIR-OP-018Model Overreach / Expanded Use AIR-OP-019Data Quality and Drift AIR-OP-020Reputational Risk AIR-RC-022Regulatory Compliance and Oversight

Bank of England and FCA - Artificial intelligence in UK financial services 2024

Risks

AIR-OP-019Data Quality and Drift AIR-OP-020Reputational Risk AIR-RC-022Regulatory Compliance and Oversight

PRA SS1/23 - Model risk management principles for banks

Risks

AIR-OP-017Lack of Explainability AIR-OP-018Model Overreach / Expanded Use AIR-OP-019Data Quality and Drift AIR-RC-022Regulatory Compliance and Oversight

PRA - Model risk management roundtable on AI and ML technologies (2025)

Risks

AIR-OP-018Model Overreach / Expanded Use AIR-OP-019Data Quality and Drift AIR-RC-022Regulatory Compliance and Oversight

FCA Handbook PRIN - Principles for Businesses, including Consumer Duty Principle 12

Risks

AIR-OP-016Bias and Discrimination AIR-OP-018Model Overreach / Expanded Use AIR-OP-020Reputational Risk AIR-RC-022Regulatory Compliance and Oversight

FCA Handbook PRIN 2A - The Consumer Duty

Risks

AIR-OP-016Bias and Discrimination AIR-OP-017Lack of Explainability AIR-OP-018Model Overreach / Expanded Use AIR-OP-019Data Quality and Drift AIR-OP-020Reputational Risk AIR-RC-022Regulatory Compliance and Oversight

FCA Handbook SYSC - Senior Management Arrangements, Systems and Controls

Risks

AIR-OP-018Model Overreach / Expanded Use AIR-OP-019Data Quality and Drift AIR-RC-001Information Leaked To Hosted Model AIR-RC-022Regulatory Compliance and Oversight AIR-SEC-002Information Leaked to Vector Store

FCA - Senior Managers and Certification Regime

Risks

AIR-OP-018Model Overreach / Expanded Use AIR-OP-020Reputational Risk AIR-RC-022Regulatory Compliance and Oversight

FCA Handbook COBS 4 - Communicating with clients, including financial promotions

Risks

AIR-OP-020Reputational Risk AIR-RC-022Regulatory Compliance and Oversight

FCA Handbook COBS 9 - Suitability, including basic advice

Risks

AIR-OP-017Lack of Explainability AIR-OP-018Model Overreach / Expanded Use AIR-RC-022Regulatory Compliance and Oversight

FCA Handbook COBS 9A - Suitability, including MiFID provisions

Risks

AIR-OP-017Lack of Explainability AIR-OP-018Model Overreach / Expanded Use AIR-RC-022Regulatory Compliance and Oversight

FCA Handbook MIFIDPRU - Prudential sourcebook for MiFID investment firms

Risks

AIR-RC-022Regulatory Compliance and Oversight

FCA FG16/5 - Guidance for firms outsourcing to the cloud and other third-party IT services

Risks

AIR-RC-001Information Leaked To Hosted Model AIR-RC-022Regulatory Compliance and Oversight AIR-SEC-002Information Leaked to Vector Store

PRA SS2/21 - Outsourcing and third party risk management

Risks

AIR-RC-001Information Leaked To Hosted Model AIR-RC-022Regulatory Compliance and Oversight AIR-SEC-002Information Leaked to Vector Store

Bank of England, PRA and FCA - Operational resilience; critical third parties to the UK financial sector (2024 final policy)

Risks

AIR-RC-001Information Leaked To Hosted Model AIR-RC-022Regulatory Compliance and Oversight AIR-SEC-002Information Leaked to Vector Store

UK GDPR and Data Protection Act 2018 - data protection principles, special category data and automated decision-making

Risks

AIR-OP-016Bias and Discrimination AIR-OP-017Lack of Explainability AIR-OP-019Data Quality and Drift AIR-RC-001Information Leaked To Hosted Model AIR-OP-020Reputational Risk AIR-RC-022Regulatory Compliance and Oversight AIR-SEC-002Information Leaked to Vector Store

ICO - AI and data protection risk toolkit

Risks

AIR-OP-016Bias and Discrimination AIR-OP-017Lack of Explainability AIR-OP-019Data Quality and Drift AIR-RC-001Information Leaked To Hosted Model AIR-RC-022Regulatory Compliance and Oversight AIR-SEC-002Information Leaked to Vector Store

ICO - Guidance on AI and data protection

Risks

AIR-OP-016Bias and Discrimination AIR-OP-017Lack of Explainability AIR-OP-019Data Quality and Drift AIR-RC-001Information Leaked To Hosted Model AIR-RC-022Regulatory Compliance and Oversight AIR-SEC-002Information Leaked to Vector Store

Equality Act 2010 - protected characteristics and services discrimination prohibitions

Risks

AIR-OP-016Bias and Discrimination AIR-OP-020Reputational Risk AIR-RC-022Regulatory Compliance and Oversight

Consumer Credit Act 1974 - regulated credit and consumer protections

Risks

AIR-OP-016Bias and Discrimination AIR-RC-022Regulatory Compliance and Oversight