The Financial Conduct Authority has launched the Mills Review and published an engagement paper seeking views on the implications of advanced artificial intelligence for consumers, retail financial markets and financial regulation. The review, led by Sheldon Mills, looks towards 2030 and beyond and is intended to inform how the FCA guides and responds to AI-driven change in retail financial services. The engagement paper invites input on four themes: how AI could evolve, including more autonomous and agentic systems; how this could affect firms and markets, including competition, market structure and UK competitiveness; potential impacts on consumers and changing expectations; and how regulators may need to evolve to ensure retail financial markets work well. Wholesale markets and broader societal impacts are out of scope, though the review will consider spillovers where relevant, and the FCA noted separate work on AI in wholesale markets including through a live testing partnership. Feedback is due by Tuesday 24 February 2026 and will shape recommendations to be reported to the FCA Board in summer 2026, culminating in an external publication. The FCA also reiterated that it does not plan to introduce AI-specific regulation, and will continue to rely on its existing principles-based framework, including the Consumer Duty.
Financial Conduct Authority 2026-01-27
UK Financial Conduct Authority launches Mills Review on how advanced AI could reshape retail financial services
The Financial Conduct Authority (FCA) has initiated the Mills Review and released an engagement paper to gather insights on the impact of advanced artificial intelligence on consumers, retail financial markets, and regulation, with a focus on developments through 2030 and beyond. Feedback is due by 24 February 2026, and while the FCA does not intend to introduce AI-specific regulation, it will continue to apply its principles-based framework.