15th Report – Artificial intelligence in financial services
- HC No.
- HC 684
- Published
- 20 Jan 2026
- Items
- 0
- Government response
- Government response published 16 April 2026 (deadline 20 March 2026). Read the government's response ↗
Select committee: Treasury Committee
AI in financial services
Closed
Opened 3 Feb 2025
Closed 30 Apr 2026
Treasury Committee Inquiry on parliament.uk ↗
Inquiry scope (the committee's words)
The Committee is inquiring into how the UK financial services can take advantage of the opportunities in AI while mitigating any threats to financial stability and safeguarding financial consumers, particularly vulnerable consumers. Read the call for evidence to find out more about this inquiry.
Where it stands
The inquiry is closed, opened 3 February 2025.
The committee has published 1 report, most recently 15th Report – Artificial intelligence in financial services on 20 January 2026.
The government's response
Published 16 April 2026. The deadline was 20 March 2026.
Summary written by Accountability Index from the government's response. It is not the government's own words.HM Treasury shares the Committee's view that the safe adoption of AI offers significant opportunities and that the associated risks need to be managed effectively, while the Bank of England and the FCA each say they do not take a 'wait and see' approach.
- On Critical Third Parties, HM Treasury says it is gathering evidence and "I expect to make initial designation decisions this year". It does not intend to release further information until designations have been made, and will write to the Committee when they are.
- The Bank of England says it "do[es] not agree" with the 'wait and see' characterisation, and says it "will continue to monitor AI adoption closely and will not hesitate to act when justified".
- On AI-specific stress testing, the Bank agrees that stress testing and scenario analysis are valuable tools. It says it is undertaking scenario analysis and working to incorporate AI scenarios into cyber and operational testing.
- The FCA says it will share additional examples of good and poor practice, and will publish an AI Live Testing evaluation report "towards the end of this year or early 2027". It describes its approach as principles-based and outcomes-focused.
Reports
- 15th Report – Artificial intelligence in financial services20 January 2026
Evidence
- 4 oral evidence sessionsLatest 4 November 2025
- 13 witnesses
Recent activity
- 7th Special Report - AI in financial services: Responses to the Committee’s Fifteenth Report16 April 2026, Report published
- Correspondence from the Bank of England on its response to the Artificial intelligence in financial services report, dated 16 March 202624 March 2026, Correspondence
- 15th Report – Artificial intelligence in financial services20 January 2026, Report published
Reports
Oral evidence sessions
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| Date | Session and witnesses | Source |
|---|---|---|
| 4 Nov 2025 |
Oral evidence session
Catherine McCloskey · HM Treasury,
James Fairburn · HM Treasury,
Lucy Rigby KC · HM Treasury
|
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| 15 Oct 2025 |
AI in financial services
David Geale · Payment Systems Regulator,
Jessica Rusu · Financial Conduct Authority,
Jonathan Hall · Independent Reviewer of Terrorism Legislation,
Tom Mutton · Bank of England
|
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| 24 Jun 2025 |
Oral evidence session
Professor Galina Andreeva · Societal Aspects of Credit,
Professor Neil Lawrence · University of Cambridge,
Professor Sandra Wachter · University of Oxford
|
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| 7 May 2025 |
Oral evidence session
Amandeep Luther · Association of Financial Markets in Europe (AFME),
David Otudeko · Association of British Insurers (ABI),
Jana Mackintosh · UK Finance
|
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Who gave evidence
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| Witness | Organisation | Sessions |
|---|---|---|
| Amandeep Luther · Artificial Intelligence lead | Association of Financial Markets in Europe (AFME) | 1 |
| Catherine McCloskey · Deputy Director Financial Services Strategy | HM Treasury | 1 |
| David Geale · Managing Director | Payment Systems Regulator | 1 |
| David Otudeko · Director of Regulation | Association of British Insurers (ABI) | 1 |
| James Fairburn · Deputy Director Financial Stability Strategy and Analysis | HM Treasury | 1 |
| Jana Mackintosh · Managing Director, Payments and Innovation | UK Finance | 1 |
| Jessica Rusu · Chief Data, Information and Intelligence Officer | Financial Conduct Authority | 1 |
| Jonathan Hall · Independent Reviewer of Terrorism Legislation | Independent Reviewer of Terrorism Legislation | 1 |
| Lucy Rigby KC · Economic Secretary to the Treasury | HM Treasury | 1 |
| Professor Galina Andreeva · Personal Chair | Societal Aspects of Credit | 1 |
| Professor Neil Lawrence · DeepMind Professor of Machine Learning | University of Cambridge | 1 |
| Professor Sandra Wachter · Professor of Technology and Regulation | University of Oxford | 1 |
| Tom Mutton · Director of Central Bank Digital Currency | Bank of England | 1 |
Correspondence
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| Published | Direction | Letter |
|---|---|---|
| 24 Mar 2026 | Not recorded | Correspondence from the Bank of England on its response to the Artificial intelligence in financial services report, dated 16 March 2026 |
| 18 Nov 2025 | Not recorded | Correspondence from the Economic Secretary to the Treasury to the Chair, in response to follow up, dated 13 November 2025 |
| 18 Nov 2025 | Not recorded | Correspondence from the Chair to the Economic Secretary to the Treasury, dated 4 November 2025 |
| 4 Nov 2025 | Not recorded | Correspondence from the Economic Secretary to the Treasury to the Chair of the Treasury Select Committee, dated 29 October 2025 |
| 20 Oct 2025 | Not recorded | Correspondence from the Chair to the Economic Secretary to the Treasury, dated 20 October 2025 |
| 9 Oct 2025 | Not recorded | Responses from AI providers to the Treasury Committee, dated 9 October 2025 |
| 17 Sep 2025 | Not recorded | Letters to AI providers, dated 17 September 2025 |
Meetings & visits
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| Date | Type | Detail | Source |
|---|---|---|---|
| 14 Jan 2026 | Formal meeting (private meeting) | Report agreement: AI in Financial Services · The Wilson Room, Portcullis House |