FCA agentic finance: what it means for money apps

The Financial Conduct Authority has said it wants a trusted framework for agentic finance, which is the part of the future where an AI agent acts for you with your money. It has not written new rules yet. What it has done is point at the foundations, and those foundations are open banking and clear consent, which is how Era already works.

What did the FCA say about AI agents?

On 19 October 2026 the FCA's Jessica Rusu said the regulator would develop a trusted framework for agentic finance, including clear approaches to agent identity, delegated authority, accountability and execution. The speech set out the direction rather than new rules, and it was about how AI will change what money services can do for you.

You can read it in full: Building the future of finance in the age of AI.

In plain terms, the FCA wants to know four things about any agent that touches your money: who it is, what you have allowed it to do, who answers for it if something goes wrong, and how its actions are carried out. There are no new rules yet, but the direction is clear, and it favours services that already put consent first.

What is an AI agent in finance?

An AI agent is an assistant that does more than answer questions. It can look things up, make a plan and take steps on your behalf, such as sorting your transactions, flagging a bill or, with your permission, preparing a payment. ChatGPT and Claude both work this way when you connect them to your accounts.

The more an assistant can do, the more it matters that you decide what it can see and what it can change. That is the idea behind delegated authority: the agent acts only inside the limits you set.

Can AI agents make payments in the UK?

They can be built to, and the FCA's work is about making sure it is done safely. Some agents already prepare payments for you to approve. Era takes the careful route: moving money between your own accounts is in private beta, off by default for every key, and every transfer needs your approval.

Reading your accounts, which is where nearly all the value is for most of us, does not need any of that. An assistant that can see your spending, your subscriptions and your financial health can already tell you a great deal about your money.

What else has the FCA been testing?

The FCA's Smart Data work has also been looking at how open finance infrastructure could work, including data journeys that an agent carries out for you. Open finance widens open banking to pensions, savings, investments and insurance, so that more of your money can be seen in one place with your consent.

That is good news for anyone who holds money across several providers, and most of us do. The more your providers share data under clear rules, the more an assistant can tell you about the whole picture.

Why is open banking already the right route?

Open banking is the regulated, bank-approved way to share your account data in the UK. Your bank asks for your consent in its own app, only authorised firms can ask, you can see what you have shared, and you can withdraw it whenever you like. Those are the same principles the FCA is describing for agents.

Era is built on that route. You approve each bank in the bank's own app, Era never sees your online banking password, and every assistant you connect goes through a consent screen that you accept yourself. Open banking in the UK explained covers how the system works from the start.

What does this mean for apps like Era?

It means the safest design is also the one that will age best. An app that reads your accounts through open banking, shows you what each assistant can do, keeps a record of actions and lets you switch any of it off already matches the shape of what the FCA is asking for.

For you, the practical result is simple. You can connect Monzo, Starling, Revolut, Barclays and the rest to Claude, ChatGPT and every other assistant today, through one hub, and be confident that you stay in charge. Does Claude support open banking in the UK? and can ChatGPT connect to my UK bank account? show how.

What should I do next?

Connect the accounts you use most, ask your assistant the questions you have been putting off, and keep an eye on what each assistant is allowed to do in Era. Most people find the best first step is a simple one: link a current account and ask for a breakdown of last month.

If you want to understand the safety side first, read how to audit an AI agent managing your money.