UK regulators unveil AI roadmap for financial services and competition policy

The Financial Conduct Authority (FCA) published the Mills Review, a landmark assessment that projects artificial intelligence will reshape UK financial services by 2030. The review identifies four major AI‑driven shifts—operational transformation, evolving consumer journeys, changes to competition and market power, and heightened fraud and cyber risks. It notes that about one‑fifth of UK adults already use autonomous AI tools and outlines seven recommendations for regulators, including expanding the FCA’s AI Lab, strengthening oversight, and developing a trusted public‑interest AI capability service.

In parallel, the Competition and Markets Authority (CMA) released a discussion paper on the competitive implications of “agentic AI”, autonomous systems that act on behalf of consumers across multiple services. The paper warns of concentration risks at the platform layer, potential manipulation of consumer choices, and the possibility of algorithmic collusion between AI agents. It signals coordinated scrutiny with other regulators such as the FCA, ICO and Ofcom, and highlights that existing competition law tools may be applied to AI‑driven market conduct.