The UK’s Financial Conduct Authority has launched a review into the implications of advanced AI on consumers, retail financial markets and regulators, inviting views from firms, consumer groups, tech providers and academics on four key themes.
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The Review will be led by Sheldon Mills and builds on the FCA’s existing work on AI. This includes its AI Discussion Paper, AI Sprint, and AI Lab including AI Live Testing and its groundbreaking Supercharged Sandbox supported by Nvidia.
The watchdog says rapid advances in generative, agentic and emerging forms of AI mean 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.
Says Mills: “AI is already shaping financial services, but its longer-term effects may be more far-reaching. 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.”
He says the FCA wants to understand how AI could evolve in the future, including the development of more autonomous and agentic systems and how these developments could affect markets and firms.
The review will also assess the impact on consumers – including how consumers will be influenced by AI but also influence financial markets through new expectations – and on how financial regulators may need to evolve to continue ensuring that retail financial markets work well.
Feedback will shape a series of recommendations to be reported to the FCA Board in summer 2026, culminating in an external publication.
The deadline for comments is Tuesday 24 February 2026.
