The UK Financial Conduct Authority has launched the Mills Review to assess how emerging uses of artificial intelligence may transform retail financial services over the next decade.
Led by FCA Executive Director Sheldon Mills, the initiative builds on the regulator’s ongoing AI programmes, including live testing through the AI Lab and its innovative Supercharged Sandbox.
“AI is already shaping financial services, but its long-term effects may be more far-reaching,” Mills said in a statement. “By taking a forward-looking view, the review will help the FCA continue to support innovation while promoting the safe and trusted adoption of AI in retail financial services.”
Recognizing that AI is already widely embedded across financial services, the review will explore how rapid advances could bring profound change. It will consider how AI may evolve, how it could alter competition and UK competitiveness, the impact on consumer expectations and behavior, and how regulation may need to evolve.
While wholesale markets are out of scope, relevant spillover effects will be considered.
Stakeholder feedback will inform recommendations to the FCA Board in summer 2026, ahead of a public report.