What the FCA's Mills review means for financial services

Regulatory expectations will need to evolve as AI becomes more autonomous

clock • 6 min read

Lawyers Jessica Caws and Cheryl Tham explore the outcomes of the FCA's Mills Review into AI in financial services...

The Financial Conduct Authority (FCA) recently published the Mills Review, a forward-looking assessment of how artificial intelligence (AI) could reshape retail financial services by 2030 and beyond.  The review is significant because it does not simply assess current AI use cases; it considers a market in which increasingly autonomous and agentic AI systems may play a central role in customer journeys, firm operations, competition, fraud prevention and regulatory supervision in the future.   The review confirms that the FCA does not currently propose a standalone AI rulebook. Inst...

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