UK FCA call for input on the long-term impact of AI on retail financial services

The UK Financial Conduct Authority (FCA) has announced the launch of "The Mills Review", led by Sheldon Mills, the Executive Director of the FCA, looking at how advanced AI, including generative and agentic systems, could influence consumers, retail financial markets and firms by 2030. Accompanying the press release, the FCA published a call for input seeking views on four areas: (i) the future evolution of AI technologies, including the development of more autonomous and agentic systems; (ii) the future impact on markets and firms, including the changes to competition and market structure and UK competitiveness; (iii) the impact for consumers, including how consumers will be influenced by AI but also influence financial markets through new expectations; and (iv) how regulators may need to evolve to ensure that retail financial markets continue to work well. While wholesale markets and broader societal markets remain out of scope, any relevant indirect influences to retail financial services will be considered. Feedback will inform recommendations to the FCA Board in the summer, ahead of an external publication. The deadline for comments is 24 February.

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