FCA

The Financial Conduct Authority (FCA) is the primary financial regulator in the United Kingdom responsible for supervising firms and protecting consumers in financial markets. For AI governance, the FCA has issued guidance on the responsible use of AI in financial services, including expectations around algorithmic fairness, model transparency, and governance frameworks that firms must implement. Their regulatory approach is critical for enterprises operating in or serving UK financial markets, as non-compliance can result in significant enforcement actions and reputational damage.

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ResearchUK2026-07-17

UK FCA Mills Review Mandates Independent Annual AI Safety Audits with Attorney General Enforcement and Public Disclosure

The UK Financial Conduct Authority published the Mills Review on July 6, 2026, requiring companies to submit existing AI safety plans to independent annual auditors and disclose the results publicly. The review sets no new substantive safety standards but enforces transparency and validation of plans already in place. Non-compliance exposes firms to Attorney General action, making this a legal enforcement mechanism rather than a soft guidance instrument.

FCA UK regulation independent audit safety plans public disclosure financial services audit requirements enforcement