Regulatory News 8 July 2026

The FCA has shared its findings from mystery shopping with Basic Bank Account providers, and what they’ve committed to do to help consumers more. In other news, the regulator has confirmed that parts of the motor finance scheme have been partially suspended.

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FCA Publication: Basic Bank Accounts: The problems we found and how industry is committing to change

The FCA has shared its findings from mystery shopping with Basic Bank Account providers, and what they’ve committed to do to help consumers more.

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Date: 7 July 2026

FCA Publication: AI and the future of retail financial services (The Mills Review)

Led by FCA Executive Director Sheldon Mills and commissioned by the Board, The Mills Review has been published.

Drawing on views from across the financial services landscape, the report identifies 4 major AI‑driven shifts likely to impact retail financial services: the transformation of firm operations; the evolution of consumer journeys; the reshaping of competition and market power; and the amplification of fraud and cyber risks.

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Date: 6 July 2026