Would you allow AI to help choose your insurance or make financial decisions on your behalf? The level of consumer appetite may already be greater than many expected. Following publication of the FCA’s Mills Review, the regulator’s head of insurance market analysis and policy has reportedly expressed surprise at consumers’ willingness to use AI in financial purchasing decisions. The Review found that one in five UK adults is already open to AI making financial decisions for t

AI could fundamentally reshape financial services by 2030; but the technology may be only part of the challenge. Our analysis of the FCA’s newly published Mills Review highlights the growing importance of governance, accountability and oversight as artificial intelligence becomes more embedded in retail financial services. The Review considers a future in which AI increasingly influences how firms operate, how consumers make financial decisions and how financial products are

FCA Mills Review, published 6 July 2026. The review follows the FCA’s January 2026 call for input into the long-term impact of AI on retail financial services, looking towards 2030 and beyond. The FCA describes the review as examining how AI may reshape “consumers, firms, markets and regulators”. For Watchdog, the relevance is clear. AI is not just an efficiency story. It is becoming a monitoring, accountability and consumer-risk issue. Customer journeys, complaint ha

The FCA’s Chief Executive, Nikhil Rathi, has warned that AI is moving faster than the law. That matters because this is not a general technology debate. It is coming directly from the head of the UK financial regulator, in the context of how artificial intelligence may affect financial services, consumers, markets and financial crime. The immediate issue is whether regulation can keep pace with rapidly developing AI tools. But the wider point is just as important. Financial s

FCA launches review as non-human intelligence could surpass human reasoning The FCA has launched a major forward-looking review into the impact of advanced artificial intelligence on retail financial services, looking out to 2030 and beyond. Led by Executive Director Sheldon Mills, the review will examine emerging technologies such as agentic AI, neuromorphic computing and the possibility of non-human intelligence exceeding human reasoning capabilities. Prompted by concerns f