United Kingdom | Regulatory Framework
Status: consultation open
Effective: 2026-01-27
moderate FCA opens call for input on long‑term impact of advanced AI in retail financial services (Mills Review)
Review into the long-term impact of AI on retail financial services (The Mills Review)
I. Regulatory Summary
Advisers should treat this as an early but material signal of FCA priorities for advanced AI in retail finance. It can influence supervisory expectations on governance, fairness, transparency, resilience, and AI‑enabled fraud.
II. Full Description
Published 27 January 2026, the Mills Review seeks stakeholder input on how advanced AI could transform UK retail finance by 2030+. The FCA invites responses by 24 February 2026 and plans to deliver recommendations to the FCA Board in summer 2026, culminating in an external publication.
III. Scope & Application
The FCA published an engagement paper (‘The Mills Review’) and opened a call for input on how advanced AI could reshape UK retail financial services, consumer outcomes, market structure and regulatory approaches by 2030 and beyond. The FCA states it does not plan AI‑specific rules, but the review is intended to inform recommendations and future regulatory approach.
IV. Policy Impact Assessment
Advisers should treat this as an early but material signal of FCA priorities for advanced AI in retail finance. It can influence supervisory expectations on governance, fairness, transparency, resilience, and AI‑enabled fraud.
Primary Focus: financial services AI governance (retail) / supervisory expectations