AI 'major opportunity' to improve customer outcomes: FCA

According to review into how AI could reshape retail financial services

Sahar Nazir
clock • 2 min read

Artificial intelligence (AI) presents a “major opportunity” to improve outcomes under the Consumer Duty, while also supporting competition and innovation across retail financial services, according to the Financial Conduct Authority (FCA).

The watchdog has today (27 January) launched a review into how AI could reshape retail financial services over the next decade. The review, led by FCA executive director of consumers and competition Sheldon Mills, will examine how AI could affect consumers, firms, markets and regulators by 2030 and beyond. It will also seek industry views across four interconnected themes, including market structure, consumer outcomes and the future regulatory approach. Mills said: "With a fast-moving technology like AI, I fully support encouraging continued innovation and adoption. And as the FCA's l...

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