UK Regulator Wants Finance Firms to Report AI Near Misses

Oct 20, 2026
The UK Financial Conduct Authority says financial firms should report significant AI failures and near misses under existing incident reporting rules.

The UK Financial Conduct Authority (FCA) says financial firms should report significant AI failures and near misses under existing incident reporting rules, according to The Register. FCA executive Jessica Rusu said poorly governed AI can cause consumer harm, cyber vulnerabilities and operational failures at greater speed and scale.

The regulator already requires firms to report major incidents. Rusu said the requirement must cover significant failures and close calls involving increasingly autonomous AI systems, with clear accountability for their operation.

The UK government is also assessing stronger rules for reporting serious AI incidents and near misses. It has not committed to adding specific AI measures to the Cyber Security and Resilience (Network and Information Systems) Bill.

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