The Financial Conduct Authority has announced an AI live testing initiative to help firms develop their use of artificial intelligence in a safe and responsible way. Homeprotect is one of the brands within the first cohort of companies using the new environment.

Jessica Rusu, chief data, information and intelligence officer at the FCA, said: “Our new AI live testing service helps firms who are ready to use AI in live markets. By working closely with firms and our technical partner Advai, we’re helping to make sure that AI is developed and deployed safely and responsibly in UK financial markets.”

Mark Kirby, professional services director at technology consultancy Intersys, said: “It gives firms a controlled environment to innovate responsibly, while ensuring emerging AI tools meet the high standards necessary to protect consumers and maintain trust in financial markets.”

Applications for a second cohort will open in January with successful firms to start testing in April.