The UK Financial Conduct Authority (FCA) has just launched the Mills Review into the long-term impact of AI on retail financial services
The UK Financial Conduct Authority (FCA) has just launched the Mills Review into the long-term impact of AI on retail financial services. A call for input to this review has been issued. An “Inclusion versus Exclusion: Which consumer segments might 'win' or 'lose' in this new world of AI-enabled retail finance?” category is available under the review's input ask within “Theme 3: Future consumer trends - The impact on consumers, including how AI could improve outcomes, create new risks, change behaviours, and alter demand and provision of financial services".
Even pre-AI, data from the FCA itself and other research highlighted challenges for retail banking consumers from diverse backgrounds including LGBTQ+. Concerns are already being raised within the LGBTQ+ community wanting to understand what is being done to ensure that the AI now being implemented in retail banking does not perpetuate, exacerbate or introduce new negative impacts - and instead accelerates fairness and inclusion for LGBTQ+ consumers. More research and transparency is also needed around areas where LGBTQ+ consumers face specific risks or where support challenges/harm may be most likely to arise through AI systems, including (but not limited to) in identity and onboarding; credit, pricing, and access; customer support and understanding; fraud, financial crime, and security; as well as governance and accountability within retail banking organisations.
Many of you may be aware that the FCA announced last year that they were not taking most of the employee-focussed proposals included in their CP 23/20 “Diversity and inclusion in the financial sector - working together to drive change” forward, citing a desire to avoid additional regulatory burdens on firms. To ensure that the FCA receives input around how LGBTQ+ and other diverse retail banking consumers should be prioritised within the new Mills Review, please take the opportunity to engage with your Regulatory Compliance teams, inclusion teams, other internal diversity strand groups and/or relevant industry bodies about concerns, opportunities or data/insights you may have related to AI implementation and its impact on LGBTQ+ and other diverse consumers. Where appropriate, individuals and other groups may also respond to the Mills Review - please see the call for input for more details.
More info on the Mills Review is here: https://www.fca.org.uk/publications/calls-input/review-long-term-impact-ai-retail-financial-services-mills-review. Responses can be provided to the FCA using their online response form or via email to TheMillsReview@fca.org.uk and are due by Tuesday 24 February 2026.
LGBT Great in partnership with NEXUS LGBTQ+ will be respond and provide input to the Mills Review.