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That brings me to our AI Lab.

In January, we launched the FCA's AI Lab to deepen our understanding of the risks and opportunities AI presents to consumers and markets, and its real-world implications.

This is not just an internal project.

It's a commitment to supporting industry with AI, a Lab that acknowledges that AI is evolving, and embraces experimentation, learning and testing.

The AI Lab features 4 zones: the AI Sprint, the AI Input Zone, the AI Spotlight, and the Supercharged Sandbox, and I'm going to guide you through that Lab now, including the details on our big announcement on our partnership with Nvidia.

Firstly, getting AI right requires engagement. Engagement with think tanks, academics, industry, investors, and consumers. The AI Sprint, held in person over 2 days, brought together regulators, technologists and industry leaders to envisage how AI will impact financial services, and inform our regulatory approach to AI. This engagement formed our outcome-based approach to AI regulation.

The AI Input Zone creates space to share views on what are likely to be the most transformative AI use cases in financial services - for example, in market monitoring, fraud detection, consumer financial inclusion, and agentic AI, and how effective our current regulatory framework is and how we may need to adapt in the future to enable beneficial innovation.

The feedback we received showed strong support for an outcome and principles-based approach to AI. We heard that introducing a separate AI-specific framework wouldn't be helpful at this stage.

We will continue to rely on our existing frameworks, like the Consumer Duty and the Senior Managers Regime, to avoid introducing additional regulations for AI.

But we also heard that firms want practical support in how they can apply existing frameworks to AI.

And that brings us to the next component: the AI Spotlight, which highlights practical use cases across the sector. We invited innovators to present their experiments with AI in financial services and showcase their solutions.

I am often asked to share examples of what good looks like.

Therefore, I'm pleased to unveil the FCA's AI Spotlight digital repository, an interactive platform where you can explore real-world AI solutions in financial services.

Users can browse a wide range of innovators, filter by themes or use cases, and build custom collections aligned to cross-cutting topics of interest - such as explainability, fraud detection, or sustainability.

The repository is part of the FCA's AI Lab and supports our commitment to enable safe and responsible AI adoption in UK financial services.