# 2024 BoE/FCA AI survey: Artificial intelligence in UK financial services – 2024

Source: https://www.bankingnewsai.com/ai-regulation/documents/uk-ai-in-financial-services-survey-2024
Last updated: Aug 26, 2026

The third joint BoE/FCA survey, published 21 November 2024, found 75% of UK financial services firms already using AI and a further 10% planning to within three years, up from 58% and 14% in 2022. Foundation models made up 17% of all AI use cases, a third of use cases were third-party implementations, and the top three providers accounted for 73% of cloud, 44% of model and 33% of data providers. Only 2% of use cases were fully autonomous, and 46% of firms said they had only partial understanding of the AI they use.

## At a glance

| Field | Value |
| --- | --- |
| Authority | [UK (BoE / PRA / FCA)](https://www.bankingnewsai.com/ai-regulation/uk) |
| Type | Survey |
| Status | Final |
| Published | Nov 21, 2024 |
| Applies to | Voluntary survey of BoE- and FCA-regulated firms; no obligations |
| Official text | https://www.bankofengland.co.uk/report/2024/artificial-intelligence-in-uk-financial-services-2024 |

## Key points

- 75% of firms use AI; 10% more plan to within three years.
- Foundation models are 17% of all AI use cases.
- One third of use cases are third-party implementations (17% in 2022); top-three provider concentration of 73% (cloud), 44% (models), 33% (data).
- 55% of use cases involve some automated decision-making; 24% of those are semi-autonomous; 2% fully autonomous.
- 62% of use cases rated low materiality; 16% high materiality.
- 46% of firms report only partial understanding of their AI, mainly due to third-party models.
- Top current benefits: data and analytical insight, AML and fraud, cybersecurity; four of the top five risks are data-related; cybersecurity is the top perceived systemic risk.
- Largest perceived regulatory constraints: data protection and privacy, then resilience/cyber/third-party rules and the Consumer Duty; 84% of firms have an accountable person for AI.

## What changed for banks

The 2024 survey documented the shift from bespoke ML to foundation models and vendor-supplied AI, and put concentration numbers on the third-party dependence that now drives the UK debate over designating AI and cloud providers as Critical Third Parties. It is the dataset the FPC used for its April 2025 financial-stability assessment.

## Use cases it governs

- [AI governance (general)](https://www.bankingnewsai.com/ai-regulation/by-use-case#governance-general)
- [Third-party & vendor AI](https://www.bankingnewsai.com/ai-regulation/by-use-case#third-party-vendors)
- [Generative & agentic AI](https://www.bankingnewsai.com/ai-regulation/by-use-case#generative-agentic-ai)
- [AML / KYC](https://www.bankingnewsai.com/ai-regulation/by-use-case#aml-kyc)
- [Fraud detection](https://www.bankingnewsai.com/ai-regulation/by-use-case#fraud)
- [Cybersecurity](https://www.bankingnewsai.com/ai-regulation/by-use-case#cybersecurity)

Supersedes: [2022 BoE/FCA ML survey](https://www.bankingnewsai.com/ai-regulation/documents/uk-ml-in-financial-services-survey-2022).

## FAQ

### What share of UK financial firms use AI according to the Bank of England?

75% of respondents to the 2024 BoE/FCA survey, with a further 10% planning to adopt within three years.

### How concentrated is third-party AI provision in UK finance?

The 2024 survey found the top three providers accounted for 73% of reported cloud providers, 44% of model providers and 33% of data providers.

## Related documents

- [2022 BoE/FCA ML survey](https://www.bankingnewsai.com/ai-regulation/documents/uk-ml-in-financial-services-survey-2022) — Machine learning in UK financial services (2022 survey) (Oct 11, 2022)
- [Bailey: Frontier AI and the Question of Governance (Sep 2026)](https://www.bankingnewsai.com/ai-regulation/documents/boe-bailey-frontier-ai-governance-2026) — Frontier AI and the Question of Governance — Governor Andrew Bailey (Sep 30, 2026)
- [FCA multi-firm review: Frontier AI and cyber resilience (Sep 2026)](https://www.bankingnewsai.com/ai-regulation/documents/fca-frontier-ai-cyber-resilience-2026) — Frontier AI and Cyber Resilience (Sep 2, 2026)
- [HM Treasury Financial Services AI Adoption Plan (Jul 2026)](https://www.bankingnewsai.com/ai-regulation/documents/hmt-financial-services-ai-adoption-plan-2026) — Financial Services AI Adoption Plan (Jul 14, 2026)
- [2026 BoE/FCA AI survey](https://www.bankingnewsai.com/ai-regulation/documents/uk-ai-in-financial-services-survey-2026) — The Bank of England and FCA's 2026 AI Survey (Jun 5, 2026)
- [BoE/FCA/HMT joint statement on frontier AI and cyber resilience (May 2026)](https://www.bankingnewsai.com/ai-regulation/documents/uk-joint-statement-frontier-ai-cyber-resilience-2026) — The Bank, FCA and HM Treasury joint statement on Frontier AI models and cyber resilience (May 15, 2026)
- [BoE response to Treasury Committee AI inquiry (Apr 2026)](https://www.bankingnewsai.com/ai-regulation/documents/boe-pra-response-tsc-ai-inquiry-2026) — Response to TSC inquiry report on AI in financial services (Apr 1, 2026)
- [BoE/PRA plan for safe AI innovation (Apr 2026)](https://www.bankingnewsai.com/ai-regulation/documents/boe-pra-safe-ai-innovation-plan-letter-2026) — Letter from Sarah Breeden and Sam Woods to the Chancellor and Secretaries of State on enabling safe AI innovation (Apr 1, 2026)

Last reviewed Aug 26, 2026. Cite the official text (https://www.bankofengland.co.uk/report/2024/artificial-intelligence-in-uk-financial-services-2024) for the rule and this page for the summary and dates.

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