Subjecting agentic AI to an equivalent of the Financial Conduct Authority’s existing rulebook could deprive millions of investors of valuable help.
Many of us already use AI assistants to help us make smarter decisions.
Apps search for information, explain things and make recommendations. The next step for many will be to let these tools, or “agents”, take financial action on our behalf – and research suggests many consumers would be happy to let that happen*.
Not just find the bank account; but open it. Not just check our investment portfolio; but make changes.
This has now been brought into focus by the “Mills Review”, an ambitious attempt by the UK’s Financial Conduct Authority (FCA) and Sheldon Mills to grapple with the opportunities and challenges AI presents to the established model of retail financial services in the UK.
The FCA and Mills deserve credit. Regulators are often consumed by the day-to-day and this is a broad and serious attempt to look to the future.
Two areas stood out to me.
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