There are no new rules on the horizon as U.K. financial services firms embrace “AI-enabled, continuous and delegated services,” but a report warns that the technology could reshape the sector by 2030 in terms of how firms operate, consumers make decisions, markets compete, and risks emerge.
The Mills Review, published July 6 and named after one of the Financial Conduct Authority’s (FCA) executive directors, also said that the FCA’s current regulatory framework will remain fit for purpose, arguing that its principles and outcomes-based approach (including the Consumer Duty, Senior Managers Regime (SMR), operational resilience and other key features) was “designed to flex across changing business models.”
