Quiz: The FCA AI Live Testing Service and Supervisory Engagement

The FCA AI Live Testing Service enables firms to test AI models under supervision to identify potential issues before deployment.

The FCA encourages firms to engage proactively with supervisory authorities through structured dialogue and submitting AI impact assessments.

The EU AI Act requires firms to ensure that AI systems do not fall into prohibited categories such as real-time biometric identification.

The Digital Omnibus on AI introduced deadlines for high-risk AI systems and embedded AI products.

The FCA’s supervisory approach towards AI systems focuses on understanding how AI models operate including their data sources and decision-making processes.