What is Mills Review?
The Mills Review is a forward-looking FCA review into the long-term impact of advanced AI on retail financial services through to 2030 and beyond. Launched on 27 January 2026 and led by FCA Executive Director Sheldon Mills, the review examines how more autonomous and agentic AI systems could reshape markets, firms, consumers and regulation. The FCA’s policy recommendations are due in summer 2026.
Mills Review in financial services
For firms, the Mills Review signals how the FCA is thinking about more autonomous AI in retail financial services. Firms deploying or planning AI agents may want to follow its findings closely, as they could shape future expectations on governance, accountability and consumer protection.