Speech by Sheldon Mills, at the FCA's Supercharged Sandbox Showcase event.
Before we begin, take a look around this room. This is the Supercharged Sandbox. 23 firms at the frontier of retail financial services, chosen from 132 applications. If anyone still doubts the pace of AI change in our sector, this room is the answer.The Board has asked me to lead the long-term review into AI and retail financial services. I will report to the FCA Board in the summer, setting out recommendations to help the FCA continue to play a leading role in shaping AI-enabled financial services. This will culminate in an external publication to support informed debate.Many of you know me from my work on competition and the Consumer Duty. Those seven years taught me something simple but crucial: the real challenge in regulation isn’t dealing with what we already understand – it’s preparing for what we don’t.And that’s exactly what this review is about. Designing for the unknown.