Britain’s Financial Conduct Authority has kicked off the “Mills Review,” with executive director Sheldon Mills at the helm, to examine how advanced AI might transform retail financial services and impact consumers. The FCA set a deadline for responses on Feb. 24 and plans to present recommendations to its board by summer 2026. This initiative builds on earlier efforts like AI Live Testing and the Nvidia-supported “Supercharged Sandbox.” The FCA is racing to stay ahead as a new batch of tools shifts from pilot phase to active use. Firms are testing generative AI — software capable of creating text, images, or code — along with “agentic” systems that operate more independently, sparking concerns around competition and how consumers are affected.