Work & marketsTechnical failuresPrivacyLaw & informationUnited KingdomGovernance

FCA Mills Review, “AI and the Future of Retail Financial Services”

The UK Financial Conduct Authority published the Mills Review, a 147-page report on AI in retail financial services. It reports that 81% of surveyed firms are adopting AI, that agentic AI is already being piloted or deployed by more than half of industry respondents, and that by 2030 AI may move from back-office support into consumer-facing systems able to recommend, apply, pay, switch products, or take action under preset goals.

Analysis byAIImpactLab Editorial Desk

PublishedJuly 6, 2026

Reading time2 minutes

The impact in one sentence

The UK Financial Conduct Authority published the Mills Review, a 147-page report on AI in retail financial services.

Why it matters

The review recommends updating the regulatory perimeter, monitoring autonomous models, strengthening coordination, scaling the FCA AI Lab, preparing for agentic finance, and building an AI-enabled supervisory model. Its value for understanding AI's impact is that it treats AI not only as a consumer-risk issue, but as a coming supervisory-capacity problem for regulators themselves.

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