{"id":8783,"date":"2026-02-16T14:53:08","date_gmt":"2026-02-16T19:53:08","guid":{"rendered":"https:\/\/blogs.shu.edu\/stillmanexchange\/?p=8783"},"modified":"2026-02-16T14:53:08","modified_gmt":"2026-02-16T19:53:08","slug":"ai-on-trial-uk-regulators-bold-review-could-rewire-retail-finance","status":"publish","type":"post","link":"https:\/\/blogs.shu.edu\/stillmanexchange\/2026\/02\/16\/ai-on-trial-uk-regulators-bold-review-could-rewire-retail-finance\/","title":{"rendered":"AI on Trial: UK Regulator\u2019s Bold Review Could Rewire Retail Finance"},"content":{"rendered":"

Jonathan Akosa<\/strong><\/p>\n

Finance Writer<\/strong><\/em><\/p>\n

In January of 2026 the UK\u2019s Financial Conduct Authority (FCA) began to conduct a review on the applications of artificial intelligence in retail finance. A review is not a lawsuit or a change of rules but rather just the research and collection of information to try and predict future changes as well as decide if the rules need to be updated. This particular investigation is referred to as the Mills Review in the news, named after the FCA head, Sheldon Mills. They are focusing on the influence of artificial intelligence on consumers, markets, and firms and how it could rewire retail finance as we know it today. Some of the firms in the British retail finance space are LIoyds Banking Group, Barclays Bank, HSBC UK (Hong Kong and Shanghai Banking Corporation), Vanguard UK, Santander UK etc. <\/span>\u00a0<\/span><\/p>\n

FCA’s Entrance, Courtesy of Fintech Futures<\/strong><\/em><\/figcaption><\/figure>\n

Artificial intelligence has already been assigned a lot of responsibilities\u00a0in the retail finance space. The Bank of England has already\u00a0indicated\u00a0that 55% of all AI cases have some degree of automated decision making as of late 2024. Artificial intelligence is already being used to assign credit scores and detect fraud. These are very\u00a0high-stake\u00a0responsibilities to give artificial intelligence.\u00a0If this data is messed up\u00a0by\u00a0AI,\u00a0consumers can be severely punished for doing nothing wrong. This has brought up many concerns for consumers and is a large reason\u00a0for the review.<\/span>\u00a0<\/span><\/p>\n

The widespread use\u00a0of artificial intelligence for these purposes brings\u00a0concern of data monopolies and market concentration.\u00a0If\u00a0only\u00a0a few large companies got access to\u00a0the\u00a0AI\u00a0data tools necessary to complete processes\u00a0in retail finance, it could create\u00a0monopolies in the retail finance industry because only the big companies will be able to afford these automation tools.\u00a0This all stems from\u00a0the big artificial intelligence companies will have too much pricing power.\u00a0This is problematic because these\u00a0extra\u00a0costs will\u00a0be\u00a0passed\u00a0down to the consumers in the price\u00a0of the services that these companies provide.\u00a0<\/span>\u00a0<\/span><\/p>\n

The Mills Review is a response to\u00a0consumer concerns and speculations.\u00a0With new applications\u00a0of\u00a0artificial intelligence being\u00a0implemented,\u00a0the current rules do need to be\u00a0revised and\u00a0adjusted.\u00a0This ensures that the rules\u00a0become\u00a0more\u00a0appropriate for\u00a0what we see in\u00a0today\u2019s\u00a0world and what we can expect to see in the future.\u00a0Alongside\u00a0the consumers,\u00a0the government\u00a0also has a valid concern because\u00a0they are supposed\u00a0to\u00a0protect the consumers\u00a0and by allowing\u00a0monopolies in the\u00a0retail finance space,\u00a0they\u00a0would\u00a0not\u00a0be\u00a0fulfilling that obligation.<\/span><\/p>\n

Contact Jonathan at jonathan.akosa@student.shu.edu<\/p>\n","protected":false},"excerpt":{"rendered":"

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