The FCA is setting up a regulator-led experimentation group that will test whether quantum computing can strengthen the detection of money laundering and fraud, uniting financial services firms, quantum technology providers and national research laboratories.

Called the Quantum Experimentation Group, the initiative is described as the first of its kind to be run by a regulator. Its opening focus will be quantum machine learning and whether it can improve how financial crime is identified. The group is due to begin work in the first quarter of 2027.

One of the most persistent obstacles to testing new technology in this field is obtaining suitable data. To address this, members will work with a synthetic dataset created by the FCA, meaning the information is artificially produced rather than drawn from real customers or transactions.

Participating firms will be able to investigate real-world applications of quantum computing within financial services, with results shared across the group to shape later rounds of testing. For the regulator, the project offers a window into what the technology can and cannot achieve, the hurdles that stand in the way of experimentation, and the possible consequences for future regulation.

The group extends earlier FCA research examining how quantum computing might be used in financial services over the longer term. Financial services firms, quantum technology providers and national research laboratories that wish to take part have until 31 December 2026 to register their interest.

FCA chief data, information and intelligence officer Jessica Rusu said, “We want to help firms explore where quantum could make a meaningful difference, and early experimentation is essential to understanding its potential in financial services.

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