Is there an FCA AI rulebook I need to read?

No single AI rulebook exists. The FCA regulates AI through existing rules (the Consumer Duty (PRIN 2A), SM&CR, SYSC 9.1, COBS 4.2) plus UK GDPR under the ICO. Read those, and map your AI use to each, rather than waiting for a dedicated AI regulation the FCA has said it does not plan to write.

Who is responsible when an AI tool gets something wrong?

A named senior individual, under SM&CR. The regime assigns accountability to a person, and the FCA applies it to AI use, so "the AI did it" is not a defence. A firm using AI needs a named owner of its AI approach who is responsible for the outcomes the tool produces.

Do I need to keep records of AI-assisted client work?

Yes, under SYSC 9.1. The firm must keep orderly records sufficient for the FCA to monitor compliance, and an AI-assisted communication is a business record like any other. Keep the tool used, the material inputs, the output, and the named reviewer, filed to the client record.

Does the Consumer Duty change how I can use AI?

The Consumer Duty (PRIN 2A) asks you to judge an AI tool by the client outcome, not the time it saves. Before adopting a tool, document how it supports a good outcome and where it could cause foreseeable harm, and monitor that. A tool that is faster for the firm but no better for the client is a Consumer Duty concern.

Does UK GDPR apply on top of the FCA's rules?

Yes. UK GDPR is a parallel obligation enforced by the ICO. Any AI workflow processing client personal data needs an Article 6 lawful basis and, where the ICO expects it, a DPIA under Article 35 completed before the workflow goes live. There is no 'AI exemption' to data-protection law. --- Serra Education provides process and tooling consulting only, never Serra Wealth investment advice. This article is general information on AI-adoption process and governance. It is not investment, legal, or compliance advice. Each firm is responsible for its own regulatory compliance and for validating any AI output it relies on. Do not put live client data into any AI workflow that is not contracted and assessed for it. Regulatory references are to FCA and ICO sources current as at 28 July 2026; check the source for the position on the date you rely on it.

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