--- title: A senior FCA official says Britain should weigh... description: A senior FCA official, Sheldon Mills, has called on the UK's Financial Conduct Authority to review within three to six months whether general-purpose AI models... canonical: https://daily.dev/posts/a-senior-fca-official-says-britain-should-weigh-regulating-ai-models-directly-xpgkjfvrx twitter:card: summary_large_image twitter:site: @dailydotdev og:type: website og:site_name: daily.dev og:title: A senior FCA official says Britain should weigh regulating AI models directly | daily.dev og:description: A senior FCA official, Sheldon Mills, has called on the UK's Financial Conduct Authority to review within three to six months whether general-purpose AI models... og:url: https://daily.dev/posts/a-senior-fca-official-says-britain-should-weigh-regulating-ai-models-directly-xpgkjfvrx og:image: https://api.daily.dev/og/posts/XpgKJfVrX.png og:image:alt: A senior FCA official says Britain should weigh regulating AI models directly og:image:width: 1200 og:image:height: 630 og:locale: en --- > ## Documentation Index > Fetch the complete documentation index at: https://daily.dev/llms.txt > Use this file to discover all available pages before exploring further. # A senior FCA official says Britain should weigh regulating AI models directly **[The Next Web](https://daily.dev/sources/tnw)** · 4 min read · 0 upvotes · 0 comments ## Summary A senior FCA official, Sheldon Mills, has called on the UK's Financial Conduct Authority to review within three to six months whether general-purpose AI models like ChatGPT, Claude, and Gemini should fall within financial regulation. Over a quarter of UK consumers already use these tools for financial advice, yet they sit outside the FCA's regulatory perimeter, leaving consumers without recourse when AI gives poor guidance. Mills flagged systemic risk from concentration on a few model providers, and floated powers to require explainability, algorithm audits for fairness, and fines for consumer harm. The intervention challenges the UK's current light-touch, sector-by-sector AI oversight approach, though regulating US-built models presents a practical jurisdictional challenge. ## Full article daily.dev links to this article rather than hosting it. Read it at the original source: ## Similar posts on daily.dev - [MPs call for AI stress testing in financial services](https://daily.dev/posts/mps-call-for-ai-stress-testing-in-financial-services-xblphk0li) · The Register · 0 upvotes · 0 comments - [CMA warns AI agents may not be 'faithful servants'](https://daily.dev/posts/cma-warns-ai-agents-may-not-be-faithful-servants--nascesjrr) · The Register · 0 upvotes · 0 comments --- Tags: [#llm](https://daily.dev/tags/llm), [#fintech](https://daily.dev/tags/fintech), [#ai-governance](https://daily.dev/tags/ai-governance), [#ai-regulation](https://daily.dev/tags/ai-regulation) [View this post on daily.dev](https://daily.dev/posts/a-senior-fca-official-says-britain-should-weigh-regulating-ai-models-directly-xpgkjfvrx) ```json {"@context":"https://schema.org","@graph":[{"@type":"Organization","@id":"https://daily.dev/#organization","name":"daily.dev","url":"https://daily.dev","logo":{"@type":"ImageObject","url":"https://daily.dev/apple-touch-icon.png","width":180,"height":180},"sameAs":["https://twitter.com/dailydotdev","https://github.com/dailydotdev","https://www.linkedin.com/company/daily-dev-ltd"]},{"@type":"WebSite","@id":"https://daily.dev/#website","url":"https://daily.dev","name":"daily.dev","publisher":{"@id":"https://daily.dev/#organization"},"potentialAction":{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://daily.dev/search?q={search_term_string}"},"query-input":"required name=search_term_string"}}]} {"@context":"https://schema.org","@type":"TechArticle","headline":"A senior FCA official says Britain should weigh regulating AI models directly","url":"https://daily.dev/posts/a-senior-fca-official-says-britain-should-weigh-regulating-ai-models-directly-xpgkjfvrx","mainEntityOfPage":{"@type":"WebPage","@id":"https://daily.dev/posts/a-senior-fca-official-says-britain-should-weigh-regulating-ai-models-directly-xpgkjfvrx"},"datePublished":"2026-07-06T12:47:33.497Z","dateModified":"2026-07-06T12:47:51.862Z","description":"A senior FCA official, Sheldon Mills, has called on the UK's Financial Conduct Authority to review within three to six months whether general-purpose AI models...","image":"https://media.daily.dev/image/upload/f_auto,q_auto/v1/posts/5c4a7b4cefaea72728c61f9d10e7e665?_a=AQAEuop","thumbnailUrl":"https://media.daily.dev/image/upload/f_auto,q_auto/v1/posts/5c4a7b4cefaea72728c61f9d10e7e665?_a=AQAEuop","isAccessibleForFree":true,"articleSection":"The Next Web","inLanguage":"en","publisher":{"@type":"Organization","name":"daily.dev","url":"https://daily.dev","logo":{"@type":"ImageObject","url":"https://daily.dev/apple-touch-icon.png","width":180,"height":180}},"author":{"@type":"Organization","name":"The Next Web","logo":"https://media.daily.dev/image/upload/t_logo,f_auto/v1/logos/tnw","url":"https://daily.dev/sources/tnw"},"commentCount":0,"discussionUrl":"https://daily.dev/posts/a-senior-fca-official-says-britain-should-weigh-regulating-ai-models-directly-xpgkjfvrx","interactionStatistic":[{"@type":"InteractionCounter","interactionType":{"@type":"LikeAction"},"userInteractionCount":0},{"@type":"InteractionCounter","interactionType":{"@type":"CommentAction"},"userInteractionCount":0}],"keywords":"llm,fintech,ai-governance,ai-regulation","timeRequired":"PT4M"} {"@context":"https://schema.org","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://daily.dev"},{"@type":"ListItem","position":2,"name":"The Next Web","item":"https://daily.dev/sources/tnw"},{"@type":"ListItem","position":3,"name":"A senior FCA official says Britain should weigh regulating AI models directly"}]} ```