The review sets out how AI could reshape retail financial services for consumers, firms, markets and regulators by 2030 and beyond.<\/p>\n
Led by FCA executive director Sheldon Mills and commissioned by the Board,\u00a0The Mills Review<\/a>\u00a0is the first work of its kind initiated by a regulator globally.<\/p>\n Drawing on views from across the financial services landscape, the report identifies 4 major AI\u2011driven shifts likely to impact retail financial services: the transformation of firm operations; the evolution of consumer journeys; the reshaping of competition and market power; and the amplification of fraud and cyber risks.<\/p>\n The report finds there is already consumer appetite for the use of agentic AI in personal finance, with research commissioned by the FCA showing that a fifth of people \u2013 equivalent to 11 million UK adults \u2013 are likely to use AI that can act autonomously within pre-set goals. But consumers in the survey are concerned about trust and control of AI.<\/p>\n The Review concludes that AI is likely to become a defining force in retail financial services, transforming how firms operate, how consumers make financial decisions and how markets function. While AI has the potential to improve access, personalisation and efficiency, it could also amplify risks associated with fraud, cyber security, consumer harm and market concentration.<\/p>\n Executive director Sheldon Mills said: ‘Artificial intelligence will transform financial services by 2030. It creates significant opportunities for consumers, firms and the wider economy. This report sets out a roadmap for how industry regulators and government can prepare for the next phase of AI-driven change in our world-leading financial services sector.’<\/p>\n Key recommendations<\/p>\n The Mills Review also outlines 7 recommendations for the FCA Board and Executive to consider, which are as follows:<\/p>\n \tSecure and adapt the regulatory perimeter. FCA response<\/p>\n Ashley Alder, Chair of the FCA, said: ‘The Board is enormously grateful to Sheldon for the rich, comprehensive report he\u2019s delivered. His work anticipates the fundamental change agentic AI will bring to financial services. It highlights how consumers and firms can reap significant potential benefits as well how risks can be managed.<\/p>\n ‘As is clear in the report, we need to keep pace with a rapidly changing environment and the principles-based, outcomes focussed approach we\u2019ve taken on AI \u2013 relying on the Consumer Duty and Senior Managers Regime \u2013 has been critical to us doing so. The recommendations build on work the FCA has been doing \u2013 not least allowing firms to test their use of AI with us \u2013 and our own use of AI to be a smarter regulator, more efficient and effective.’<\/p>\n Notes to editors<\/p>\n \tRead The Mills Review<\/a>.
\n\tStrengthen system-wide coordination and oversight.
\n\tMonitor the transition to autonomous models and adapt regulatory frameworks.
\n\tScale up the FCA’s AI Lab to support AI models and system innovation in financial services.
\n\tEnable the foundations for agentic finance.
\n\tBuild and adopt an AI-enabled agentic supervisory model.
\n\tDevelop a trusted public-interest AI-enabled financial capability service.<\/p>\n
\n\tIn January, the FCA launched a review into the implications of advanced AI on consumers, retail financial markets and regulators.
\n\tThe Review was led by Sheldon Mills and builds on the FCA\u2019s existing work on AI. This includes its\u00a0AI Discussion Paper<\/a>,\u00a0AI Sprint<\/a>, and\u00a0AI Lab<\/a>\u00a0including\u00a0AI Live Testing<\/a>\u00a0and its groundbreaking\u00a0Supercharged Sandbox<\/a>\u00a0supported by NVIDIA.
\n\tAs part of The Mills Review, in April 2026, Yonder Consulting conducted a\u00a0survey of more than 5,000 UK retail financial services consumers (PDF)<\/a>, defined as individuals holding a day-to-day bank account, such as a current or savings account.\u00a0
\n\tQuotas were set to ensure the survey was representative of the population of UK retail finance service consumers on key demographics including age, gender, ethnicity, region, housing tenure and internet ability.
\n\tAs part of the survey, consumers were presented with a range of plausible near\u2011term use cases for AI in financial services. The findings show that 20% of consumers would be likely to use AI capable of acting autonomously within pre-set goals.
\n\tRunning in parallel to this work, the FCA will launch an AI good and poor practice publication later this year. As part of this work, the regulator has engaged directly with firms to find out what is working well, where firms are facing challenges, and where further clarity would help.
\n\tFind out more on\u00a0how the FCA is engaging with firms to help shape its approach to AI<\/a>. \u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"The review sets out how AI could reshape retail financial services for consumers, firms, markets and regulators by…\n","protected":false},"author":2,"featured_media":96474,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[179,7493,24,50433,11132,601,50434,16948,12604,14802,50435,23066,2820,2134,50436,31931,2151,38918,50431,735,50432,1617],"class_list":["post-96473","post","type-post","status-publish","format-standard","has-post-thumbnail","category-agentic-ai","tag-agentic-ai","tag-agentic-artificial-intelligence","tag-ai","tag-alder","tag-april","tag-artificial","tag-ashley","tag-authority","tag-board","tag-build","tag-chair","tag-conduct","tag-consulting","tag-consumer","tag-develop","tag-discussion","tag-executive","tag-fca","tag-mills","tag-review","tag-sheldon","tag-uk"],"_links":{"self":[{"href":"https:\/\/www.europesays.com\/ai\/wp-json\/wp\/v2\/posts\/96473","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/ai\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/ai\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ai\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ai\/wp-json\/wp\/v2\/comments?post=96473"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/ai\/wp-json\/wp\/v2\/posts\/96473\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ai\/wp-json\/wp\/v2\/media\/96474"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/ai\/wp-json\/wp\/v2\/media?parent=96473"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/ai\/wp-json\/wp\/v2\/categories?post=96473"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/ai\/wp-json\/wp\/v2\/tags?post=96473"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}