The Financial Conduct Authority (FCA) has launched a review into the implications of advanced AI on consumers, retail financial markets, and regulators.

The Mills review, led by FCA director Sheldon Mills, will seek views centring on the evolution of AI in financial markets, and how consumers, retailers, and regulators will need to adapt in the future.

AI is already embedded across financial services, with rapid advances in generative, agentic, and emerging forms of AI. The next phase of change could be profound, having the power to reshape markets, change the way firms compete and how consumers use retail financial services.

“AI is already shaping financial services, but its longer-term effects may be more far-reaching,” Mills said. “This review will consider how emerging uses of AI could influence consumers, markets and firms, looking towards 2030 and beyond.

“By taking a forward-looking view, the review will help the FCA continue to support innovation while promoting the safe and trusted adoption of AI in retail financial services.”

The FCA is seeking views on how AI could evolve in the future, including the development of more autonomous and agentic systems.

The review will look to understand how any developments in AI could affect markets and firms, including changes to competition and market structure and UK competitiveness.

It will also look at the impact on consumers, including how they can be influenced by AI as well as their new expectations on the financial market based on AI’s integration.

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Finally, Mills will seek views on how financial regulators will need to evolve with AI to ensure that retail financial markets can work well.

Influences on the wholesale market and the broader societal impacts of AI are out of the Review’s scope, though it aims to recognise how developments in these areas may indirectly influence retail financial services.

To supplement the review, the FCA is seeking feedback to inform how the regulator can guide the financial sector through AI driven transformation.

The deadline to submit a review is 24 February, and can be provided here.