Your financial supervisor is likely your AI Act watchdog

Banks and insurers will not usually face a new regulator for high-risk AI. In most cases, their current financial supervisor takes on the job.

Article 74(6) sets this rule. It applies to high-risk AI systems used by financial institutions that are regulated under EU financial services law. The use must be directly linked to providing financial services. Credit scoring is a clear example. Pricing for life and health insurance is another.

There is one exception. Under Article 74(7), a Member State can choose a different authority. It may only do so in suitable cases, and coordination must be ensured.

Recital 158 explains the goal. AI Act checks should fit into existing supervision. Firms should not have to deal with a separate, parallel system.

What should firms do? First, expect AI questions in normal supervisory contact, such as inspections and information requests. Second, store AI Act evidence with your model risk and outsourcing files. This includes deployer records under Article 26, the fundamental rights impact assessment under Article 27, and human oversight logs. Third, check national law to see which authority your country has named.

One simple step helps now. Brief the team that already deals with your supervisor. They will likely get the first AI Act questions. The high-risk duties in Annex III apply from 2 December 2027.