The FCA's Mills Review: No New AI Rulebook for Finance — but Targeted New Powers, Including Over the Vendors

The UK's Financial Conduct Authority published the Mills Review on 6 July 2026 — the first regulator-led review of its kind globally, led by FCA executive director Sheldon Mills — into how AI could reshape retail financial services by 2030. Its central conclusion is that the existing principles-based framework is fit for purpose and that no new AI-specific rules are needed. But it makes seven priority recommendations, including strengthening the FCA's targeted powers over the major AI and cloud providers the sector depends on, adapting guidance for autonomous systems, and building new supervisory capability for an agentic-AI era — while flagging a consumer-protection gap around AI-generated financial advice.