FCA launches the Mills Review and seeks input on AI’s long-term impact on retail financial services, including markets, consumer behaviour, and regulation – by 24 Feb 2026

The review focuses, in part, on how increased use of AI may both mitigate and exacerbate fraud and financial crime, including risks of more sophisticated scams, automated consumer manipulation, model abuse and weaknesses in oversight, governance and accountability. It aims to inform future regulatory expectations by assessing how firms should deploy AI responsibly to strengthen fraud controls, maintain market integrity and ensure that crime-prevention capabilities keep pace with rapidly evolving technologies…