FCA to launch review of advanced AI impact on financial services
By Michele Maatouk
Date: Tuesday 27 Jan 2026
(Sharecast News) - The Financial Conduct Authority said on Tuesday that it was conducting a review into the implications of advanced AI on consumers, retail financial markets and regulators.
The FCA pointed out that AI is already embedded across financial services. It said rapid advances in generative, agentic and emerging forms of AI mean the next phase could have the power to "reshape markets, change the way firms compete and how consumers use retail financial services".
The review, led by Sheldon Mills, will seek views on four interrelated themes: how AI could evolve in the future, including the development of more autonomous and agentic systems; how these developments could affect markets and firms; the impact on consumers; and how financial regulators may need to evolve to continue ensuring that retail financial markets work well.
Mills, FCA executive director in consumers and competition, 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."
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