The review will be led by Sheldon Mills and will build on the FCA’s existing work on AI, including its AI discussion paper, AI Sprint and AI Lab initiatives. The regulator said AI is already widely used across financial services, with recent advances in generative and agentic systems expected to accelerate change across markets.
The FCA said the review will take a forward looking approach, considering how AI could influence retail financial services towards 2030 and beyond, although stressed that it "does not plan to introduce AI-specific regulation".
As part of the review, the FCA is seeking views across four related themes. These include how AI may evolve, including the development of more autonomous systems, and how this could affect competition, market structure and UK competitiveness.
The regulator is also asking for feedback on the potential impact on consumers, including how consumer expectations may change, as well as how financial regulators may need to adapt as AI becomes more embedded in retail financial markets.
While wholesale markets and wider societal impacts are not formally within scope, the FCA said these areas may be considered where they have an indirect influence on retail financial services. The regulator is separately undertaking work on AI in wholesale markets, including through a live testing partnership.
Feedback from the review will inform a series of recommendations to be reported to the FCA Board in summer 2026. These will be used to guide how the regulator responds to AI driven change and will culminate in an external publication.
Sheldon Mills said: “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.”
