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On Jan. 22, 2026, the UK House of Commons Treasury Committee released its report on Artificial Intelligence in Financial Services, concluding that the government, the Financial Conduct Authority (FCA), and the Bank of England are “not doing enough” to manage the consumer and systemic risks created by rapid AI adoption. While AI is now used by 75% of UK financial firms, and promises efficiency and innovation, the Committee warns that the current “wait‑and‑see” approach leaves consumers exposed to opaque, automated decision‑making, rising fraud, and exclusion. In addition, it leaves the wider system vulnerable to cyberattacks, concentration risk, and AI‑driven market instability.
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