Definition
The Mills Review is the FCA Board-commissioned report (July 2026) led by sheldon-mills examining how AI will reshape UK retail financial services through 2030. First regulator-initiated review of its kind globally on general-purpose LLMs in finance.
Key Findings
- Consumer trust gap: ~26% trust ChatGPT/Claude/Gemini for financial advice; protections for regulated services do not apply
- Agentic finance: shift from episodic human advice to continuous AI delegation
- Concentration risk: systemic exposure from few cloud and AI providers
- Financial crime: AI-enabled deepfakes and synthetic identities; delegated consumers may stop challenging agent decisions
Seven Priority Recommendations
- Secure and adapt regulatory perimeter
- Strengthen system-wide coordination
- Monitor transition to autonomous models
- Scale FCA AI Lab
- Enable agentic finance foundations
- Build AI-enabled agentic supervisory model
- Develop public-interest AI financial capability service
Related
- sheldon-mills
- agentic-ai-regulation
- agentic-finance
- uk-financial-services
- regulatory-compliance
- fintech-ai
- uk-ai-strategy