UK financial services firms now use GenAI for over half of their AI systems. A Bank of England and FCA survey found 86% of 196 respondents use AI. That is up from 75% in 2024. GenAI now makes up 56% of all AI systems. Operations and IT account for 31% of AI use. AI agents are used by 80% of firms. Only 2% deploy agents with broad autonomy. Third-party AI systems make up 39% of all deployments. They account for 53% of high-materiality systems. The top three cloud providers hold 79% of all reported relationships. The top three model or API providers hold 54%. 94% of firms have firmwide AI policies. 84% have centralised AI model-risk governance. Firms rely on deep knowledge for internal systems but vendor assurance for third-party ones. 54% see governance uncertainty around third-party models. Deputy BoE governor Sarah Breeden called for updated AI regulation.

• 86% of UK FS firms use AI
• 56% of AI systems are GenAI
• 80% use AI agents
• 2% deploy agents with broad autonomy