Post by CMS

On 6 July 2026, the FCA published The Mills Review, a major report by Sheldon Mills examining how AI will transform retail financial services by 2030 and beyond. The Review identifies four key systemic shifts: the transformation of firms, new consumer journeys, a reshaped competition landscape, and amplified financial crime and cyber risk. While the Review recognises the existing regulatory framework remains broadly sound, it signals that this may become increasingly under strain and adaptation will be required as AI moves from an assistive role towards greater autonomy and delegation in line with developing agentic models. The Review also makes seven priority recommendations for the FCA Board, covering the regulatory perimeter, supervision and coordination, foundations for agentic finance, and consumer access. Our article looks at the key proposals, the seven priority recommendations, and the practical implications for firms, including governance, accountability, Consumer Duty, operational resilience and third-party risk management. Read the full article here: https://lnkd.in/ednYi_PJ If you would like to discuss how these developments may affect your business, please contact one of the authors or your usual CMS contact. Pippa Tasker, Robert Dedman, Tom Callaby, Hannah Manning, Olivia Christie-Miller