Recently featured in European Business Magazine, TCC and Momenta CEO Joe Norburn explores why the FCA’s Mills Review offers valuable insight into how artificial intelligence could reshape financial services and what firms should be doing now to prepare.
The FCA’s Mills Review examines how AI may transform retail financial services by 2030 while highlighting the governance, accountability and consumer protection challenges organisations will need to address as adoption grows.
The Review makes clear that existing regulations, including Consumer Duty, the Senior Managers Regime and operational resilience requirements, continue to apply regardless of how AI is deployed. Firms remain responsible for customer outcomes and must be able to demonstrate effective oversight of both internal and third-party AI solutions.
The article also stresses the importance of understanding where AI is being used across the business and ensuring there is clear accountability for decisions and outcomes.
As Joe Norburn explains:
“Boards now need a practical account of where AI affects decisions, who carries responsibility and how the firm knows customers are being treated fairly.”
As firms continue to invest in AI, the Mills Review provides a useful indication of how supervisory expectations may evolve. Establishing robust governance, clear accountability and effective monitoring will be essential to supporting innovation while maintaining regulatory compliance.
