The Financial Conduct Authority (FCA) announced on Tuesday that it has launched a review to assess how advanced artificial intelligence may influence retail financial markets and the consumers who use them. The review will be overseen by FCA Executive Director Sheldon Mills.
According to the announcement, the review will investigate whether the emergence and adoption of advanced AI technologies could alter competition dynamics and market structure within retail finance. It will also examine the direct and indirect effects on consumers as AI capabilities evolve.
The FCA said the results of the review are expected to be presented to its board in mid-2026. The regulator underscored that it does not plan to create rules that are solely targeted at AI.
In outlining the scope of the review, Sheldon Mills said: "As I begin this review, the technological landscape is evolving at a remarkable pace. It is entirely plausible that we will see widespread use of agentic AI systems, neuromorphic computing and quantum capability."
Mills added that these technological developments are likely to occur alongside the continued expansion of digital finance, explicitly citing blockchain and smart contracts, tokenization and digital assets as part of that growth.
The review is framed to capture both competitive and consumer dimensions as new computational architectures and AI models progress. By placing the findings on the FCA board's agenda for mid-2026, the regulator has signaled a timeline for internal consideration while clarifying that, for now, it does not intend to impose AI-specific rules.
While the announcement focuses on the review's remit and timeline, it does not provide additional procedural details or intermediate milestones. It also does not set out potential regulatory actions beyond the stated intention not to introduce AI-specific regulations at this stage.