Overview
Sheldon Mills is Executive Director at the UK Financial Conduct Authority (FCA). He led the Board-commissioned Mills Review on AI’s long-term impact on retail financial services, published July 6, 2026.
Mills Review (July 2026)
Key findings:
- ~26% of UK consumers trust ChatGPT, Claude, or Gemini for financial advice without regulated recourse
- Shift from episodic human advice to continuous AI-delegated “agentic finance”
- Concentration risk from reliance on few cloud/AI providers
Recommended FCA decide within 3–6 months whether to expand regulatory perimeter to general-purpose LLMs (2026-07-06-fca-mills-review-official).