The FCA’s Mills Review is a forward-looking signal that AI, especially agentic AI, is becoming a board-level regulatory and strategic issue for UK retail financial services. While the FCA is not proposing immediate AI-specific rules, the direction of travel is clear: firms should strengthen governance, SM&CR accountability, Consumer Duty controls, third-party oversight, model risk management, cyber resilience and operational resilience now. The same themes are emerging internationally, with regulators broadly applying existing rules today while preparing for closer scrutiny of AI-driven consumer interactions, market concentration and autonomous decision-making.

In this article Ruleguard’s Head of Risk & Compliance explores the Mills Review.  Read more: