UK FCA Launches Mills Review on AI Impact in Retail Finance

In Brief

• UK FCA launches Mills Review to study AI’s long-term impact on retail finance.
• Review led by Sheldon Mills focuses on markets, consumers, and regulation.
• Ethereum trades near $2,912 as the review begins amid market volatility.

The UK Financial Conduct Authority has launched a new review to assess how advanced artificial intelligence may reshape retail financial services. The initiative reflects growing regulatory focus on long-term effects on consumers, firms, and market competition.

The Mills Review is led by FCA Executive Director Sheldon Mills and builds on existing AI initiatives. These include regulatory testing programs and supervised innovation environments.

Review Scope and Market Context

The review will examine how AI systems may evolve, including more autonomous and agentic technologies. It will also assess how these developments could affect competition, market structure, and consumer behavior.

Sheldon Mills said, “AI is already shaping financial services, but its longer-term effects may be more far-reaching.” He added the review will help regulators “support innovation while promoting the safe and trusted adoption of AI.”

The FCA will consider how regulatory oversight may need to adapt as AI becomes more embedded. Wholesale markets remain outside the scope, although indirect effects may receive consideration.

The regulator has invited feedback from firms, consumer groups, academics, and technology providers. Responses will shape recommendations to the FCA Board in summer 2026 and a public report.

Meanwhile, crypto markets showed mixed movement during the announcement period.
Ethereum traded near $2,912, up 0.45% hourly and 0.80% daily, but down 6.25% weekly amid volatility.

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Maxwell Mutuma

27 January 2026, 12:20:24 GMT +0000

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