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AI will transform financial services by 2030 - FCA


By Goran Nastic

Artificial intelligence will fundamentally reshape retail financial services by 2030, bringing significant opportunities for consumers and firms alongside heightened risks, according to a first-of-its-kind review by the Financial Conduct Authority (FCA).

The Mills Review, led by executive director Sheldon Mills, found growing consumer appetite for agentic AI, with research suggesting around one in five people, equivalent to 11 million UK adults, are likely to use AI capable of acting autonomously within predefined goals.


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Retirees under squeeze after 42% rise in living costs since 2020

Prices have risen by 42% since the start of the decade, significantly eroding the spending power of retirees, according to Standard Life, which said inflation-linked annuities can help protect retirement income against rising living costs

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Less than half of adults know their pension is invested

Just 47% of British adults are aware that their pension is invested, Hargreaves Lansdown has found

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Halifax brand to disappear after 173 years

Lloyds Banking Group has today confirmed that the Halifax brand will change to Lloyds.

Existing Halifax customers will start to use the Lloyds app in the coming months and will see their accounts rebranded to Lloyds over time. As part of this change, the Halifax brand will stop opening new accounts

Iress and PlannerPal enhance partnership to simplify advice workflow access

Iress and PlannerPal have enhanced their existing partnership to make it easier for advisers to move from Xplan into PlannerPal as part of their day-to-day advice workflow

Pure Retirement

Wesleyan launches two new With Profits funds

Wesleyan has launched two new with-profit funds to increase access to the benefits of smoothed investments for advisers and their clients
FCA consults on investment disclosure regime for advisers and wealth managers

The Financial Conduct Authority (FCA) has launched a consultation on simplifying how advisers, wealth managers, and platforms communicate the costs of investing

Pure Retirement

Air makes adviser training free to boost standards in later life lending

Air Club has made its Air Academy free for all members, removing the cost of adviser education in an effort to improve professional standards and consumer outcomes in the later life lending market

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Third of people unaware of changes to IHT and pension rules

Almost a third (32%) of people do not know how upcoming changes to pensions and inheritance tax (IHT) will affect them, Hargreaves Lansdown has revealed

Frozen tax thresholds push HMRC income tax and NICs receipts higher in May

HMRC collected £153.7bn in tax and National Insurance contributions (NICs) between April and May 2026, up £9.8bn year-on-year, driven largely by stronger income tax and NIC receipts

IHT receipts continue to rise in May

Inheritance tax (IHT) receipts totalled £730m in May, up from £701m recorded in the same period last year, HMRC has revealed

Chancellor launches consultation to reduce tax burden on wealthy US expats

Chancellor Rachel Reeves has launched a consultation into easing the tax burden faced by wealthy US investors looking to relocate to the UK

FCA consults on investment disclosure regime for advisers and wealth managers

The Financial Conduct Authority (FCA) has launched a consultation on simplifying how advisers, wealth managers, and platforms communicate the costs of investing

PIMFA and Macfarlanes publish guidance on ECCTA information sharing provisions

The Personal Investment Management & Financial Advice Association (PIMFA) and law firm Macfarlanes have published guidance on how wealth managers and financial advisers can use information sharing provisions set out in the Economic Crime and Corporate Transparency Act 2023 (ECCTA)

More than half of regulated firms cannot verify business ownership

More than half of UK regulated firms are struggling to verify who ultimately owns or controls the businesses they deal with, creating significant exposure to fraud, sanctions breaches and financial crime, according to new research from compliance specialist SmartSearch

FCA censures CACEIS UK; firm to pay £31.7m to WealthTek clients

The Financial Conduct Authority (FCA) has censured CACEIS UK, with the asset servicing bank to make a £31.7m voluntary payment to WealthTek clients for failing to act on information that left them exposed to financial crime risk

Halifax brand to disappear after 173 years

Lloyds Banking Group has today confirmed that the Halifax brand will change to Lloyds. Existing Halifax customers will start to use the Lloyds app in the coming months and will see their accounts rebranded to Lloyds over time. As part of this change, the Halifax brand will stop opening new accounts

£227bn sits in £10k+ current account balances earning no interest

More than six million current accounts pay no interest despite holding balances of £10,000 or more, with a combined £227bn in deposits, Spring has revealed

Bank of England base rate held at 3.75%

The Bank of England (BoE) has announced that interest rates will be held at 3.75%, the lowest bank base rate (BBR) since February 2023. The central bank's latest decision, which had been widely anticipated by economists, comes after inflation remained unchanged at 2.8% in May

Average high street easy access savings account rate falls below 1% - Spring

The average interest rate on a true high street easy access savings account has fallen below 1%, Spring has revealed

Less than half of adults know their pension is invested

Just 47% of British adults are aware that their pension is invested, Hargreaves Lansdown has found

Retirees under squeeze after 42% rise in living costs since 2020

Prices have risen by 42% since the start of the decade, significantly eroding the spending power of retirees, according to Standard Life, which said inflation-linked annuities can help protect retirement income against rising living costs

Unnamed oil and gas sector pension scheme secures £48m buy-in with Canada Life

An unnamed pension scheme in the oil and gas industry has completed a £48m full-scheme buy-in with Canada Life

Macfarlane pension scheme secures £53m buy-in with Royal London

The Macfarlane Group PLC Pension & Life Assurance Scheme (1974) has completed a £53m buy-in with Royal London

Wesleyan launches two new With Profits funds

Wesleyan has launched two new with-profit funds to increase access to the benefits of smoothed investments for advisers and their clients

Brokers report stalling demand in business borrowing

Demand for commercial finance has plateaued due to international conflict and interest rate expectations damping business confidence, according to Atom bank’s latest SME Pulse survey

ISA rule changes risk creating unintended barriers for savers

The Government’s proposed ISA reforms could create unintended consequences for savers by making portfolios less flexible and discouraging sensible financial planning, financial planners have warned. Under plans confirmed this week, interest earned on uninvested cash and cash-like assets held within a stocks & shares ISA will face a 22% tax charge from April 202

Over half of adults change savings plans in response to inflation

Over half (55%) of UK adults have changed their savings or financial plans in response to rising living costs and inflation, Chetwood Bank has revealed

AI will transform financial services by 2030 - FCA

Artificial intelligence will fundamentally reshape retail financial services by 2030, bringing significant opportunities for consumers and firms alongside heightened risks, according to a first-of-its-kind review by the Financial Conduct Authority (FCA). The Mills Review, led by executive director Sheldon Mills, found growing consumer appetite for agentic AI, with research suggesting around one in five people, equivalent to 11 million UK adults, are likely to use AI capable of acting autonomously within predefined goals.

AI could reshape retirement planning but raises new risks - Aon

Artificial intelligence (AI) is set to play a growing role in how people plan for retirement, but new research from Aon argues it should complement rather than replace human advice

Rosemount Financial Solutions (IFA) launches new AI-powered tool

Rosemount Financial Solutions (IFA) has announced the launch of ProCeding, its new AI-powered tool designed to simplify dealing with ceding scheme providers

Firms collaborate to drive modernisation in homebuying process

Proptech firms and software developers across the homebuying sector have collaborated in a series of hackathons designed to test how property data can be shared across the home-moving process

News in brief - 6 July 2026

Today's round up of developments coming out of the consumer finance space, featuring GB Bank, District & County Investments, Landbay and The Right Mortgage & Protection Network

Iress and PlannerPal enhance partnership to simplify advice workflow access

Iress and PlannerPal have enhanced their existing partnership to make it easier for advisers to move from Xplan into PlannerPal as part of their day-to-day advice workflow

Air makes adviser training free to boost standards in later life lending

Air Club has made its Air Academy free for all members, removing the cost of adviser education in an effort to improve professional standards and consumer outcomes in the later life lending market

News in brief - 3 July 2026

Today's round up of developments coming out of the consumer finance space, featuring Hanley Economic Building Society, Keystone Property Finance, Precise and ModaMortgages

BLOG: Royal London Equity Release: How high-net-worth individuals could benefit from releasing equity with the exclusive Premier product offering

In February 2026, we were recognised at the MoneyAge Mortgage Awards, taking home the title of ‘Later Life Lender of the Year’, with judges highlighting our rapid distribution growth, extensive adviser engagement and meaningful product enhancements. As an equity release provider, our approach is rooted in a holistic view of retirement, aiming to provide good customer outcomes with backing from the UK’s largest mutual life, pensions and investment company* – but what can we offer you and your clients?

BLOG: Are added-value services the key to engaging clients in protection?

Scottish Widows Protection Director, Rose St Louis, discusses how reframing protection conversations can help to engage clients

BLOG: Award-winning lending, built brick by brick

Saffron for Intermediaries discusses its latest lending offering on the MoneyAge blog

BLOG: Doing Good is Good Business

MoneyAge Awards winner Bespoke Advice discusses the key fundamentals of good financial planning in our latest blog piece

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Funding home adaptations: The changing needs in later life planning

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Delivering A Consumer-Focused Later Life Lending Sector for 2026 and Beyond

Later Life Lending: It’s more than just equity release or retirement interest only (RIO)

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