Recently featured in European Business Magazine, TCC Group CEO Joe Norburn explores why the FCA’s Mills Review deserves close attention from financial services firms as AI becomes increasingly embedded in customer journeys, decision-making and operational processes. The Review, published by the FCA in July 2026, examines how artificial intelligence could reshape retail financial services through to 2030 and highlights the regulatory, governance and consumer protection challenges firms need to address now.  

The Review outlines that existing regulatory obligations remain in force. FCA’s Consumer Duty, the Senior Managers Regime (SMR) and operational resilience requirements continue to apply, regardless of whether services are delivered internally or through third-party AI providers. As AI becomes more sophisticated, firms will need stronger oversight, clearer accountability and better evidence to demonstrate that they continue to deliver good customer outcomes.  

The article also highlights the need for organisations to understand where AI is being used across the business, including informal adoption of general-purpose AI tools. Boards and senior leaders should have visibility of which systems influence decisions, who is responsible for outcomes, and how performance is monitored over time.  

As Joe Norburn notes “Boards now need a practical account of where AI affects decisions, who carries responsibility and how the firm knows customers are being treated fairly.”  

With AI moving higher up both, regulatory and government agendas, the Mills Review provides an important indication of where supervisory expectations are likely to develop next. Firms should be establishing robust governance, monitoring and evidencing frameworks to be better positioned to innovate confidently while maintaining regulatory compliance and positive customer outcomes.