With the aim of strengthening bilateral ties, India and the UK have reaffirmed the important role of the Financial Markets Dialogue (FMD) in supporting sustainable growth, deeper trade and investment ties, and resilient financial markets. The two sides welcomed constructive discussions under the FMD and acknowledged the contribution of the India-UK Financial Partnership (IUKFP) in identifying practical solutions and potential areas for deepening financial services links. The participants also reflected on the strengthening of bilateral ties, particularly in the context of the launch of Vision 2035, and stressed the importance of implementing the UK-India Comprehensive Economic and Trade Agreement (CETA), which entered into force on July 15, 2026.
Both sides agreed to drive progress across various workstreams, with updates to be reviewed through relevant bilateral mechanisms and at the next UK-India Economic and Financial Dialogue. The fourth UK-India Financial Markets Dialogue (FMD) took place on September 29 in London. The FMD is part of the broader economic engagement between India and the UK and focuses on strengthening cooperation in financial services and capital markets. The dialogue was led by senior officials from the finance ministry, Government of India, and economic and finance ministry of the UK.
It witnessed participation from Indian and the UK financial services regulatory authorities, including the Securities and Exchange Board of India (Sebi), the Reserve Bank of India (RBI), the International Financial Services Centres Authority (IFSCA), the Pension Fund Regulatory and Development Authority (PFRDA), and the Insurance Regulatory and Development Authority of India (IRDAI), the Bank of England (BoE), and the Financial Conduct Authority (FCA).
Both sides agreed on the importance of supporting responsible innovation and competition without compromising regulatory oversight. They exchanged perspectives on the potential opportunities and risks of artificial intelligence (AI) in financial services and agreed on the value of continued bilateral exchange and coordination through relevant international fora. India shared its digital onboarding process for retail financial services and committed to further share its experiences. Both sides also noted the risks posed by criminal adoption of new technologies to financial crime, including use of AI to commit fraud at industrial scale in so-called 'scam compounds' operating in foreign countries as well as risks to cyber security, data protection and operational resilience.
