On 27 January 2026, the Financial Conduct Authority (FCA) announced that it was launching a review into the implications of advanced artificial intelligence (AI) on consumers, retail financial markets and regulators.
The review will be led by Sheldon Mills and the FCA is seeking views on 4 interrelated themes:
- How AI could evolve in the future, including the development of more autonomous and agentic systems.
- How these developments could affect markets and firms, including changes to competition and market structure and UK competitiveness.
- The impact on consumers, including how consumers will be influenced by AI but also influence financial markets through new expectations.
- How financial regulators may need to evolve to continue ensuring that retail financial markets work well.
The deadline for responding to the review is 24 February 2026.
Mr Mills will report to the FCA Board in the summer, setting out recommendations to help the FCA continue to play a leading role in shaping AI-enabled financial services. This will culminate in an external publication to support informed debate.