FCA Warns: Agentic AI to Reshape Retail Finance by 2030

A new review by the UK's Financial Conduct Authority warns that agentic AI could significantly change retail financial services. This means automated systems might soon act on behalf of consumers for financial decisions. The Mills Review looks at how AI could transform areas like banking, investments, and insurance by 2030. It suggests financial services are moving from human-led interactions to continuous, AI-enabled, and delegated activities. AI agents could help manage finances, compare products, and optimize choices within set limits. What's interesting is this shift could help with issues like advice gaps and financial exclusion. However, it also brings new risks, including concerns about consent, accountability, and cyber threats. The review recommends the FCA consider developing trusted frameworks for AI agents and stronger AI-enabled supervision. It emphasizes that human accountability must remain central, with firms still responsible for AI-produced outcomes. This matters because it signals a move from AI supporting finance to AI actively participating in consumer financial decisions, requiring new rules and infrastructure.