Amplified Global responds to the FCA’s Mills Review

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We have set out our vision for how artificial intelligence could help reshape UK retail financial services in our response to the Financial Conduct Authority’s (FCA) Mills Review.

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We drew on all our experience developing Amplifi, our AI-powered intelligibility testing platform. We’ve been lucky to have access to FCA innovation support, and have tested our AI via the FCA Sandbox, giving us some direct insight.

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We believe that AI is already enhancing content creation, risk management and regulatory compliance across the sector.  For consumers, some of its greatest long-term value will lie in improving consumer understanding. By simplifying complex information and supporting how customers engage with content, AI can reduce cognitive overload and support better financial decision-making.

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However, that adoption is not without challenges. Regulatory uncertainty, governance immaturity, infrastructure constraints and innovation risks could limit firms’ ability to deploy AI responsibly at scale, and particularly for smaller organisations. To help overcome this, leadership and AI literacy at senior levels will be critical. We also highlighted the need for robust monitoring, auditability and meaningful human oversight to ensure risks are managed.

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Looking ahead to 2030, we think that advanced generative AI, human-centred interfaces and AI-led compliance platforms are the technologies most likely to transform retail finance. Our vision also explores the emerging potential of ‘agentic AI’ systems capable of autonomous, multi-step decision-making. While these systems promise efficiency, real-time compliance monitoring and personalised services, they raise important questions around accountability, explainability and consumer agency.  As ever, an appropriate balance of opportunity and control will need to be found.

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Looking at how to regulate AI, we strongly support the FCA’s outcomes-based approach, aligned with the FCA’s Consumer Duty. Improved access to regulatory sandbox texting, cross-regulator collaboration and clearer expectations on AI governance would, in our view, enable responsible innovation while maintaining trust.

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Ultimately, AI can materially improve clarity, compliance and consumer outcomes.  And this could be transformational for consumers and firms alike. But only if the emerging AI capability is deployed with transparency, strong governance and an unwavering focus on intelligibility.

Get in touch to explore how AI-led assessment and simplification can help you comply with the Consumer Duty.

Read our full response to the Mills Review.