UK FCA says firms must report significant AI failures and near-misses
Original title: UK finance watchdog wants firms to report AI failures and close calls
The government has not yet committed to adding AI-specific measures to the cyber resilience bill.
Financial Conduct Authority officer Jessica Rusu said existing major-incident rules must cover significant AI failures and near-misses as firms adopt more autonomous systems. She linked the expectation to consumer harm, cyber risk and operational failures that could spread faster and at larger scale. AI minister Kanishka Narayan has said the government will assess stronger reporting for serious incidents and loss-of-control risks, but officials told MPs that AI-specific bill amendments are still under consideration.
Unconfirmed: The government has not committed to putting AI-specific measures in the Cyber Security and Resilience Bill.
- Rusu spoke at Bloomberg's UK Policy Series on Monday.
- UK financial services contributed £223.6 billion in 2025, 8 percent of output.
- Guidelight's Steven Adler urged aviation-style mandatory near-miss reporting.
- In January the Treasury Committee called for AI-driven market-shock stress tests.
- Organizations
- Financial Conduct AuthorityGuidelight AI Standards
- Countries
- United Kingdom
From the original article
2 min read at theregister.comFCA seeks clear accountability as financial services embrace increasingly autonomous agents
By Lindsay Clark · theregister.com
A short excerpt; the article and its images belong to the publisher. Summary, key facts and assessment above are AI-written from the article and can be wrong.