The second joint Bank of England and FCA survey, published on 11 October 2022 alongside DP5/22, found that 58% of UK financial services firms were using machine learning with a further 14% planning to within three years. It reported that 17% of ML use cases were third-party implementations and established the baseline the 2024 survey measured against.
At a glance
| Document | 2022 BoE/FCA ML survey — Machine learning in UK financial services (2022 survey) |
| Issued by | Bank of England, Prudential Regulation Authority, and Financial Conduct Authority |
| Type | Survey |
| Status | Superseded |
| Published | Oct 11, 2022 |
| Applies to | Voluntary survey of BoE- and FCA-regulated firms; no obligations |
| Superseded by | 2024 BoE/FCA AI survey |
| Official source | bankofengland.co.uk ↗ |
| Use cases | AI governance (general) · Model risk management · Third-party & vendor AI |
What it says
What are the key points of 2022 BoE/FCA ML survey?
- Second edition of the joint BoE/FCA survey, following the 2019 survey.
- 58% of respondent firms used ML; 14% more planned to within three years.
- 17% of use cases were third-party implementations (rising to a third by 2024).
- Published the same day as DP5/22 as the evidence base for the discussion paper.
- Used to track adoption, governance and perceived benefits and risks across banking, insurance and markets.
What changed
What did 2022 BoE/FCA ML survey change for banks?
It gave UK regulators the first comparable time series on ML adoption and established the survey as the UK's primary AI monitoring tool, a role the 2024 and 2026 editions have continued.
Common questions
How many UK firms used machine learning in 2022?
58% of respondents to the joint BoE/FCA survey, with a further 14% planning to within three years.
Related documents
| Date | Document | Status |
|---|---|---|
| Nov 21, 2024 | 2024 BoE/FCA AI survey — Artificial intelligence in UK financial services – 2024 | Final |
| Jul 14, 2026 | HM Treasury Financial Services AI Adoption Plan (Jul 2026) — Financial Services AI Adoption Plan | Final |
| Jun 5, 2026 | 2026 BoE/FCA AI survey — The Bank of England and FCA's 2026 AI Survey | Final |
| May 15, 2026 | BoE/FCA/HMT joint statement on frontier AI and cyber resilience (May 2026) — The Bank, FCA and HM Treasury joint statement on Frontier AI models and cyber resilience | In force |
| Apr 1, 2026 | BoE response to Treasury Committee AI inquiry (Apr 2026) — Response to TSC inquiry report on AI in financial services | Final |
| Apr 1, 2026 | BoE/PRA plan for safe AI innovation (Apr 2026) — Letter from Sarah Breeden and Sam Woods to the Chancellor and Secretaries of State on enabling safe AI innovation | Final |
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