# 2022 BoE/FCA ML survey: Machine learning in UK financial services (2022 survey)

Source: https://www.bankingnewsai.com/ai-regulation/documents/uk-ml-in-financial-services-survey-2022
Last updated: Aug 26, 2026

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

| Field | Value |
| --- | --- |
| Authority | [UK (BoE / PRA / FCA)](https://www.bankingnewsai.com/ai-regulation/uk) |
| Type | Survey |
| Status | Superseded |
| Published | Oct 11, 2022 |
| Applies to | Voluntary survey of BoE- and FCA-regulated firms; no obligations |
| Official text | https://www.bankofengland.co.uk/report/2022/machine-learning-in-uk-financial-services |

## Key points

- 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 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.

## Use cases it governs

- [AI governance (general)](https://www.bankingnewsai.com/ai-regulation/by-use-case#governance-general)
- [Model risk management](https://www.bankingnewsai.com/ai-regulation/by-use-case#model-risk)
- [Third-party & vendor AI](https://www.bankingnewsai.com/ai-regulation/by-use-case#third-party-vendors)

> Superseded by [2024 BoE/FCA AI survey](https://www.bankingnewsai.com/ai-regulation/documents/uk-ai-in-financial-services-survey-2024).

## FAQ

### 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

- [2024 BoE/FCA AI survey](https://www.bankingnewsai.com/ai-regulation/documents/uk-ai-in-financial-services-survey-2024) — Artificial intelligence in UK financial services – 2024 (Nov 21, 2024)
- [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/2022/machine-learning-in-uk-financial-services) for the rule and this page for the summary and dates.

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