The UK’s financial services watchdog has launched a review exploring the implications of advanced AI on consumers, retail financial markets, and regulators.

The Financial Conduct Authority (FCA) is seeking views on how AI could evolve in the future, including the development of more autonomous and agentic systems, and how these redevelopments could impact changes to competition and market structure.

It is also looking for perspectives on how how consumers may be influenced by AI and how the technology could influence financial markets through new expectations.

Additionally, the FCA is calling for views on how financial regulators may need to evolve as AI progresses so that retail financial markets continue to "work well."

The review will be led by Sheldon Mills, the organisation's executive director, consumers and competition.

Any feedback submitted to the review will help shape a series of recommendations to be reported to the FCA Board in summer 2026, informing how the authority can guide and respond to AI-driven transformation.

The Mills Review builds on the regulator’s existing AI projects, including the AI Discussion Paper, AI Sprint, AI Live Testing, and Supercharged Sandbox backed by Nvidia.

“AI is already shaping financial services, but its longer-term effects may be more far-reaching. This review will consider how emerging uses of AI could influence consumers, markets and firms, looking towards 2030 and beyond,” said Sheldon Mills. “By taking a forward-looking view, the review will help the FCA continue to support innovation while promoting the safe and trusted adoption of AI in retail financial services.”

The regulator said that while wholesale markets and broader societal impacts are out of scope, the Mills Review recognises that developments in these areas may indirectly influence retail financial services and will be "considered where relevant."

The FCA is also separately doing work on the impact of AI in wholesale markets, in particular through its live testing partnership.

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