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Mills Review shows FCA positive but cautious about AI use in financial services

Sheldon Mills, FCA
Sheldon Mills, FCA executive director. Photo: FCA

Carmen Cracknell, Thomas Hyrkiel

3 min read
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The review represents a shift from monitoring AI to assessing long-term impact on markets and consumers.

The Mills Review, named after and led by FCA executive director Sheldon Mills, is the latest publication from the regulator on the effect of generative and agentic AI on the market. It follows a series of sandboxes, sprints, labs, and discussion papers on the subject.

The FCA sees AI as

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