A joint survey by the Bank of England and the Financial Conduct Authority (FCA) found that 80% of responding financial services firms had deployed AI agents, but only 2% reported using agents with broad autonomy, according to the regulators’ October 26 report.

The survey covered 196 UK financial services firms across six categories. The regulators cautioned that the findings should not be treated as a complete picture of the entire UK financial sector.

The report found that overall AI adoption had increased to 86% of respondents, up from 75% in 2024. Generative AI accounted for 56% of reported AI systems, while operations and IT remained the largest area of use, accounting for approximately 31% of systems.

Most firms were using AI agents to support decisions rather than make and execute them independently. 

Eighty percent reported deploying agents that recommend actions for people to decide on and carry out. Only a small proportion expected agents to take on higher-impact tasks such as approving customer outcomes, executing trades or initiating payments, even over the following 12 months.

The report also highlighted growing reliance on external AI providers. 

Third-party systems accounted for 39% of reported AI systems, up from 33% in 2024, and represented 53% of systems classified as high materiality. Information security and operational resilience were the most frequently cited constraints on third-party AI adoption, followed by limited transparency into external systems.

Third-Party AI Risks Put Data Governance in Focus

For chief data officers (CDOs), the findings highlight the need to understand how AI systems use company data, particularly when models and infrastructure come from external providers. 

Firms may have limited visibility into how third-party systems operate, while remaining responsible for protecting sensitive information and managing risks.

The regulators identified data protection, security, third-party dependencies and risks specific to generative AI, including data leakage and prompt injection, among the leading concerns. These risks are likely to become more important as firms expand their use of AI agents.

Effective AI governance can help organizations establish clear accountability for AI systems, assess third-party risks and determine which decisions require human oversight. For financial services firms, these controls will matter as AI moves from assisting employees toward taking action across business processes.