What happened
On July 6, 2026, the UK Financial Conduct Authority published 'The Mills Review: AI and the Future of Retail Financial Services,' led by FCA executive director Sheldon Mills. Described by the FCA as the first review of its kind initiated by any financial regulator globally, it analyzes how agentic and generative AI could reshape retail financial services by 2030, based on a survey of 5,000+ UK consumers, FCA-led focus groups, and comparative analysis of international regulatory approaches (including the EU AI Act, MAS, HKMA, and APRA). It finds that roughly 11 million UK adults (a fifth of the population) are likely to use autonomous/agentic AI for personal finance, and issues priority recommendations to the FCA on how to respond.
Why it matters
While not a binding rule, this is an authoritative regulator-commissioned review with real policy weight — it signals the FCA's forthcoming supervisory posture toward agentic AI in consumer finance (delegated decision-making, Consumer Duty application, senior managers' regime) and will likely shape near-term FCA rulemaking and international regulatory comparisons for AI in financial services.
Action needed
UK financial services firms deploying or planning to deploy agentic/generative AI in retail products should track forthcoming FCA follow-on consultations stemming from the Review's recommendations.