FCA publishes landmark AI review for retail financial services
FCA released the Mills Review outlining how AI will reshape retail financial services by 2030, identifying four major AI-driven shifts.
The FCA's Mills Review is the first regulator-led global study on AI in retail financial services. It maps transformations in firm operations, consumer interaction, market structure and regulation, signalling forthcoming supervisory expectations on AI accountability, model risk and consumer protection.
Sets the tone for UK supervisory expectations on AI governance, model risk and Consumer Duty alignment across retail firms.
Action Required
Assess AI strategy, governance and consumer outcomes against the Mills Review's four shifts and integrate findings into AI risk frameworks.
First-of-its-kind regulator-commissioned AI review; will shape UK AI supervisory approach and firm-level governance requirements.
AI adoption risk elevated. Review AI inventory, model governance, third-party AI dependencies and Consumer Duty alignment. Update RCSA to reflect emerging FCA expectations on AI-driven customer outcomes and operational resilience.
“The Mills Review, led by FCA executive director Sheldon Mills, sets out how AI could reshape retail financial services by 2030. It identifies 4 major AI-driven shifts impacting firm operations, consumer engagement, markets and regulators.”
Published: 2026-07-23