United Kingdom: Financial Conduct Authority opened consultation on inquiry into long-term impact of AI on retail financial services

On 27 January 2026, the Financial Conduct Authority (FCA) opened a consultation to contribute evidence to a review on the long-term impact of artificial intelligence (AI) on United Kingdom retail financial services, with responses requested by 24 February 2026. Known as The Mills Review, the initiative examines how AI could reshape retail financial services for consumers, firms, markets, and regulators by 2030 and beyond. The review is structured around 4 themes: the future evolution of AI technology, the impact of AI on markets and firms, future consumer trends, and the future regulatory approach. The FCA indicates that the review will inform recommendations to support an outcomes-based regulatory approach as the sector adopts AI, while considering effects on competition and innovation. The review discusses potential benefits such as personalisation and lower-cost services, and risks including AI-enabled fraud, bias, and discriminatory outcomes, and opaque decision-making.