What the FCA's Mills review means for 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...