The Mills Review published July 6, 2026. FCA Board commissioned Executive Director Sheldon Mills to examine how AI transforms retail financial services by 2030. Based on 140 written submissions and survey of 5,000+ UK consumers (Yonder Consulting, April 2026).
Central shift: human-led episodic activity toward AI-enabled continuous delegated services. ~26% trust ChatGPT, Claude, or Gemini for financial advice despite limited recourse outside regulated services. Seven priority recommendations including securing regulatory perimeter, agentic finance foundations, and AI-enabled supervisory model. FCA to decide within 3–6 months whether general-purpose models fall inside perimeter.