Mills Review to consider how AI will reshape retail financial services

The Review[2] will be led by Sheldon Mills and builds on the FCA’s existing work on AI. This includes its AI Discussion Paper[3], AI Sprint[4], and AI Lab[5] including AI Live Testing and its groundbreaking Supercharged Sandbox supported by NVIDIA.

AI is already embedded across financial services. Rapid advances in generative, agentic and emerging forms of AI mean the next phase of change could be profound, having the power to reshape markets, change the way firms compete and how consumers use retail financial services.

Sheldon Mills said:

'AI is already shaping financial services, but its longer-term effects may be more far-reaching. This review will consider how emerging uses of AI could influence consumers, markets and firms, looking towards 2030 and beyond.

'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.'

The FCA is seeking views on 4 interrelated themes:

1. How AI could evolve in the future, including the development of more autonomous and agentic systems.
2. How these developments could affect markets and firms, including changes to competition and market structure and UK competitiveness.
3. The impact on consumers, including how consumers will be influenced by AI but also influence financial markets through new expectations.
4. How financial regulators may need to evolve to continue ensuring that retail financial markets work well.

While wholesale markets and broader societal impacts are out of scope, the Review recognises that developments in these areas may indirectly influence retail financial services and will be considered where relevant. The FCA is also separately doing extensive work on the impact of AI in wholesale markets, in particular through our live testing partnership.

Feedback will shape a series of recommendations to be reported to the FCA Board in summer 2026, informing how the FCA can guide and respond to AI-driven transformation. This will culminate in an external publication.

The deadline for comments is Tuesday 24 February 2026.

Any other contributions can be sent to us at [email protected].

Notes to editors

1. The engagement pape[2]r sets out the scope of the review and invites views from stakeholders including firms, consumer groups, tech providers and academics on 4 key themes.
2. The FCA’s approach to artificial intelligence[6] is grounded in its principles-based regulatory framework, including the Consumer Duty. This ensures outcomes-focused regulation that supports innovation while safeguarding consumers.
3. The FCA launched its AI Lab[5] in 2024 to deepen understanding of AI technologies and their implications for financial services. The Lab works with industry, academia, and other regulators to explore responsible AI adoption.
4. This work forms part of the FCA’s wider commitment to leading thinking globally on the responsible adoption of advanced technologies in financial services, and to ensuring that the UK remains a trusted, competitive and resilient financial centre in the age of AI.
5. The FCA does not plan to introduce AI-specific regulation. It will continue to rely on its existing, principles-based regulatory framework while considering how regulators need to evolve as AI becomes more embedded in financial services.
6. Find out more information about the FCA[7].