By Patricia Figueiredo ( July 6, 2026, 15:36 GMT | Insight) -- UK watchdogs should consider whether they need greater powers to oversee AI when increasingly autonomous systems create harms that firm-by-firm supervision cannot capture, a report published by the Financial Conduct Authority said Monday. While stopping short of calling for wholesale new AI regulation, the review by FCA executive director Sheldon Mills urges the regulator to examine AI-mediated services that fall outside its regulatory scope within three to six months, and to build an AI-enabled supervision framework to detect system-wide harms.UK financial watchdogs should assess the need for greater powers to oversee AI, particularly when the technology creates system-wide harms that firm-by-firm supervision cannot capture, a report published by the Financial Conduct Authority, or FCA, said on Monday....
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