The writer, chief financial officer at Schroders, argues that subjecting agentic AI to the FCA's existing rule book could deprive millions of investors of valuable help. The issue has been brought into focus by the Mills Review, an ambitious attempt by the UK Financial Conduct Authority and executive director Sheldon Mills, to grapple with AI in retail financial services.

Mills calls on the FCA to enable the foundations of agentic finance, which has potential to rewire the industry if interactions work, serve consumers' best interests, and earn trust. However, the writer cautions against rushing to regulate AI as equivalent to regulated activities, noting that AI assistants are general-purpose tools used across many domains including legal advice and health.

Forcing AI tools to withdraw from regulated areas could hurt consumers who rely on them for information about investments, savings, credit, insurance, tax, and state benefits. The writer advocates jumping to Mills' longer-term recommendation that the FCA keep under review the effectiveness of the regulatory approach and consider more radical changes, while working with providers to establish guiding principles and trusted data sources reflecting UK markets.