UK FCA exec wants to require disclosure of ‘significant AI failures and near-misses’

Summary

UK Financial Conduct Authority Chief Data Officer Jessica Rusu proposed that UK firms be required to report "significant AI failures and near-misses," extending existing major-incident rules to AI systems. She also said the FCA will work with industry and frontier labs on a framework for agentic finance covering agent identity, delegated authority, accountability and execution. Malwarebytes researcher Pieter Arntz defined a near-miss as an AI event that could have caused serious harm but was caught beforehand, while Gartner analyst Nader Henein questioned whether the proposal would bring meaningful change.