Overview
- FCA executive director Sheldon Mills will lead the assessment of how advancing AI could reshape competition, firm conduct and consumer outcomes in retail financial services.
- Stakeholder input is open via online form or email until February 24, 2026, with findings due to the FCA board in mid‑2026.
- The regulator says it will rely on existing regimes such as consumer protection and operational resilience rather than propose AI‑specific rules for now.
- The Treasury Committee has called for AI stress tests, detailed guidance for firms by year‑end, and designation of major AI and cloud providers as critical third parties.
- The scope focuses on retail markets but will factor in indirect effects from wholesale activity or wider societal developments, including plausible advances like agentic systems and quantum capability.