UK Firms Should Take Steps to Limit Risks From Frontier AI Models, UK Says - Insurance Journal

The UK's finance ministry, Bank of England, and Financial Conduct Authority issued a joint statement on May 18, 2026, warning firms about cyber risks from frontier AI models. The statement said that the cyber capabilities of current frontier AI models already exceed what a skilled practitioner could achieve, amplifying threats to businesses. The regulators urged firms to take steps to limit these risks, though the statement did not specify mandatory measures.

The joint statement was published via the official channels of the three bodies. It marks the first time the UK's financial regulators have jointly commented on frontier AI cyber risks.

The article notes that the guidance is non-binding, leaving implementation to individual firms. The regulators previously focused on AI fairness and transparency in financial services, but the new statement emphasises cybersecurity.