Mind the (data) gap: how UK regulators are tuning AI for trust
AI is coming fast—and so are the questions. Who’s responsible when it goes wrong? What’s good practice in a sea of grey areas? And how do we harness the tech without losing public trust?
On 9 May 2025, the UK Financial Conduct Authority (FCA) and the Information Commissioner’s Office (ICO) sat down with industry leaders to tackle exactly that.
The discussion revealed a clear need for practical guidance. Firms understand the broad rules, but many—particularly smaller players—are seeking clearer examples of responsible deployment, especially when handling personal data or navigating complex AI supply chains. The FCA and ICO reaffirmed their commitment to cooperation, offering joined-up support through initiatives like the FCA’s AI Lab and the ICO’s Innovation Hub.
This collaboration builds on recent work through the Digital Regulation Cooperation Forum (DRCF), which is piloting an AI and Digital Hub with regulators including Ofcom and the Competition and Markets Authority. The aim: clearer expectations, fewer silos, and stronger foundations for innovation across the board.
For digital reporting, the implications are profound. AI may generate insights, but it can’t do so reliably without structured, standardised data. That’s where XBRL earns its place—not as a compliance burden, but as the essential infrastructure for responsible, machine-readable financial reporting. Smart regulation and smart data go hand in hand.
Read more about the FCA–ICO collaboration here.
