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Mills Review
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Mills Review

FCA's review into the impact of AI on UK retail financial services.

Last refreshed: 9 July 2026 · Appears in 1 active topic

Common Questions
What is the Mills Review?
The Mills Review is the FCA's 147-page assessment of agentic AI in UK retail financial services, published 6 July 2026 and led by executive director Sheldon Mills.
Does the Mills Review cover AI job losses in finance?
No, the Mills Review carries zero workforce findings despite covering agentic AI's growing role in UK retail finance, even as finance-sector jobs continue to fall.
How many people does the Mills Review say use agentic AI in finance?
The Mills Review estimates around 11 million UK adults, roughly a fifth of the adult population, are likely to use AI that can act autonomously within pre-set goals in financial services.

Background

The Financial Conduct Authority published the Mills Review, "AI and the future of retail financial services", on 6 July 2026: a 147-page assessment led by executive director Sheldon Mills covering an estimated 11 million UK adults likely to use autonomous, agentic AI in financial services, with zero workforce findings despite ongoing finance-sector job losses.

The review sets out seven recommendations spanning the regulatory perimeter, system-wide oversight, monitoring the shift to autonomous AI models, scaling the FCA's AI Lab, enabling agentic-finance foundations, an AI-enabled supervisory model, and a public-interest AI financial-capability service. Mills characterised the underlying shift as moving finance from a human-led, episodic advice model to one where AI systems act autonomously within pre-set goals.

By addressing consumer protection and systemic risk while staying silent on employment impact, the Mills Review exposes a gap in UK regulatory coverage: the FCA sets the rules for agentic AI in finance but has no REMIT, and offered no findings, on what that shift does to the sector's workforce, even as finance and information jobs bleed roughly 28,000 roles a month by Barclays' count.