FCA: The Mills Review

FCA has launched a review into the implications of advanced AI on consumers, retail financial markets and regulators which will be led by Sheldon Mills and which builds on FCA’s existing work on AI.  FCA is seeking views on four interrelated themes: how AI could evolve in the future; how these developments could affect markets and firms; how these will impact on consumers, and how financial regulators may need to evolve to continue ensuring that retail financial markets work well.  Responses are required by 24 February 2026.   FCA notes that the feedback will shape a series of recommendations to be reported to the FCA Board in the summer and will culminate in an external publication.