| Link(s): | FCA Board Minutes 26 March 2026 |
Context
The FCA has published the minutes of its Board meeting held on 26 March 2026.
Key points to note
Part of the meeting (Section 4, Strategic Discussion) focused on the role of technology in financial services and the regulatory considerations around firms’ increasing adoption of technology. The Board reflected that the FCA’s approach is to enable innovation, whist ensuring the international competitiveness of the UK’s financial services sector, which must be balanced against preventing harm, protecting consumers and maintaining market integrity.
The Board discussed how the FCA can support firms by providing clarity around regulatory expectations, engaging with firms early and using an outcome-focused approach to supervision. The FCA itself has progressed its own technology capabilities and has seen evidence that firms’ use of technology, where appropriately governed, can lead to improved customer outcomes.
There was also an update on the progress of the Mills Review, which is looking at the impact of Artificial Intelligence on financial services. Recommendations will be reported to the FCA Board in June 2026, informing how the FCA can guide and respond to AI-driven transformation in retail financial services.