City regulator eyes £2m annual bill for AI chatbot

Published on: 12/02/2026 00:00

The FCA introduced Microsoft Copilot two years ago, and requires staff to review policies on AI use each year.

The Financial Conduct Authority is spending as much as £2m a year to provide its staff with an AI chatbot as the technology’s foothold in the City continues to grow.

The FCA started internally rolling out Microsoft’s Copilot tool in 2024 in a move potentially costing millions, according to figures obtained by Financial News under freedom of information laws.

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