Survey2026-10-29

The Bank of England and Financial Conduct Authority published their fourth survey on AI in UK financial services. 86% of firms now use AI, up from 75% in 2024. Generative AI accounts for 56% of all reported AI systems. AI use remains concentrated in operations and IT, which holds 31% of systems. Only 7% of AI systems are rated as high materiality by firms. 80% of firms have deployed AI agents, mostly with limited autonomy. Third-party AI systems now make up 39% of all implementations. Firms cite operational efficiency and automation as the top benefits of AI. Data protection, security, and third-party risks are the highest-rated concerns. Most firms expect systemic risks like cyber amplification to intensify as AI adoption grows.

What changed

75% of firms used AI in 2024, with 17% of systems using foundation models.

What it unlocks

Firms can now deploy AI agents with limited autonomy for decision support across operations and IT.

  • 86% of UK financial firms use AI
  • 56% of AI systems are generative AI
  • 80% of firms have AI agents deployed
  • 7% of AI systems rated high materiality

Send this to someone who needs it

Shares the story and its sources. Nothing about you.

What does this mean for your job?

This is the story as everyone gets it. Once a week we send you the version written for your role — what changed, why it matters for the work you actually do, and one thing to try. Free while we tune it.