UK FCA Mills Review proposes oversight of AI models used for personal finance
UK regulators want oversight of the AI models people use for money decisions. The FCA's new Mills Review says 16% of British adults already lean on AI for personal finance, and floats bringing ChatGPT, Claude and Gemini under its remit. It could also supervise Amazon , Google an
Britain's financial regulator wants a say over the AI tools people increasingly use to manage their money. The Financial Conduct Authority published The Mills Review today, and its executive director Sheldon Mills warned that regulators are in an arms race to keep pace with AI. The review reports that 16% of UK adults already use AI models to make personal finance decisions, and recommends the FCA decide within three to six months whether large language models such as ChatGPT, Claude and Gemini that offer financial guidance should fall within its regulatory remit. It goes further, proposing to expand the UK's critical third parties regime so regulators could directly supervise major technology providers, potentially including OpenAI, Anthropic, Amazon (), Google () and Microsoft (), on the grounds that a failure at one of them could threaten financial stability. The move signals a shift in how governments treat general-purpose AI: not as neutral software, but as financial infrastructure that shapes consumer decisions and therefore warrants direct oversight.