Mills' AI market power warning – is this the Uberisation of advice?

'The Mills Review stated the threat and now is the time to respond'

clock • 4 min read

Joseph Twigg on the threat advisers face if they fail to maintain control of client relationships amid artificial intelligence developments

The FCA doesn't usually name a competitive threat so specifically. However in his recent review Sheldon Mills did and the advice industry needs to decide how to respond.  He warned of the significant risk of large AI firms becoming the "major source of market power" in financial advice as the battle for the ownership of customer interfaces emerges. It's an unusually blunt intervention from a regulator, but a welcome one. Without proper due diligence and a concerted industry-wide effort, the UK financial services sector risks an irreversible decline in meaningful customer connections, tha...

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