The FCA’s Mills Review examines how AI could reshape UK retail financial services from 2030 onwards, covering agentic AI, consumer trust, competition, fraud, cyber risk and regulatory implications.
UK FCA Publishes The Mills Review, Focusing on AI’s Reshaping of Retail Finance
On 2026-07-06, the UK Financial Conduct Authority (FCA) published The Mills Review, setting out how artificial intelligence (AI) could reshape retail financial services in 2030 and beyond, benefiting consumers, firms, markets and regulators. (Source: FCA, Review into the long-term impact of AI on retail financial services, published: 2026-07-06.)
The report was led by Sheldon Mills, Executive Director at the FCA, and commissioned by the FCA Board. According to the FCA, it is the first work of its kind initiated by a regulator globally and is described by the authority as a landmark report.
Four Major AI-Driven Shifts
Drawing on views from across the financial services sector, the report identifies four major AI-driven shifts that could affect retail financial services:
Changes in firms’ operating models;
The evolution of the consumer journey;
The reshaping of the competitive landscape and market power;
The intensification of fraud and cyber risks.
Consumer Demand for Agentic AI Has Already Emerged
The report finds that consumer demand for the use of intelligent, or agentic, AI in personal finance has already emerged. FCA-commissioned research shows that one in five people — equivalent to 11 million UK adults — may use AI capable of acting autonomously within predefined goals, although surveyed consumers also expressed concerns about trust in AI and control. (Source: FCA, The Mills Review, commissioned research, published: 2026-07-06.)
Key Data at a Glance
The table below summarises the main data and research basis covered in the report.
| Item | Data/Content | Scope | Timing |
|---|---|---|---|
| Adults willing to use autonomous AI | Around 11 million people (one in five) | United Kingdom | Published on 2026-07-06 |
| Commissioned consumer survey sample | More than 5,000 consumers | UK financial services users | Used in the report |
| Public engagement paper | Gathered feedback from stakeholders | Firms, consumer groups and others | Published in January 2026 |
| Major shifts identified | Four AI-driven shifts | Retail financial services | 2030 and beyond |
Purpose and Background of the Review
The FCA Board asked Executive Director Sheldon Mills to lead the review into how advances in artificial intelligence will change retail financial services. The review builds on the FCA’s existing work on AI, while recognising that intelligent AI has the potential to fundamentally change how financial services operate.
The report states that, in future, firms and consumers may delegate more financial decisions to AI systems. AI is not only a technology that assists humans, but can also recommend courses of action, initiate transactions and execute decisions within defined parameters.
How the Review Was Conducted
The FCA said the review was based on a combination of analysis, research and public engagement, including the following elements:
Feedback from firms, trade associations, consumer groups, technology providers and international stakeholders, which was published in a public engagement paper in January 2026.
Commissioned research, including a survey of more than 5,000 UK financial services consumers.
FCA-led focus group discussions.
Comparative analysis of international approaches to AI adoption and regulation.
Main Findings of the Report
The main findings of the assessment report include the following:
Retail financial services are shifting from a primarily human-led model towards AI-enabled continuity and delegated services.
By 2030, AI could reshape the entire sector — changing how firms operate, how consumers make decisions, how markets compete and how risks emerge.
AI could improve outcomes and support growth by reducing friction and addressing longstanding challenges such as the advice gap, low switching rates and protection gaps, but it could also increase risks related to fraud, cyber security and consumer harm.
Consumer acceptance of AI depends on trust, control and access, although one in five UK adults is already open to AI making decisions on their behalf.
Questions Related to The Mills Review
What is The Mills Review and when was it published?
The Mills Review is a report published by the UK Financial Conduct Authority (FCA) on 2026-07-06. It sets out how artificial intelligence could reshape retail financial services in 2030 and beyond and, according to the FCA, is the first work of its kind initiated by a regulator globally.
Who led the report?
The report was led by Sheldon Mills, Executive Director at the FCA, and commissioned by the FCA Board.
Which four AI-driven shifts does the report identify?
They are changes in firms’ operating models, the evolution of the consumer journey, the reshaping of the competitive landscape and market power, and the intensification of fraud and cyber risks.
How many UK adults are willing to use autonomous AI to manage personal finance?
FCA-commissioned research shows that around one in five people, equivalent to 11 million UK adults, may use AI capable of acting autonomously within predefined goals, although some also expressed concerns about trust and control.
What research methods were used in this review?
The review combined analysis, research and public engagement, covering a survey of more than 5,000 consumers, FCA-led focus groups, and comparative analysis of international approaches to AI adoption and regulation.
