The Senior Managers Regime (SMR) has spent the best part of a decade making accountability personal. Named individuals. Defined responsibilities. Reasonable steps. People, not just firms, answerable when things go wrong. Yet the Mills Review, published by the Financial Conduct Authority (FCA) in July 2026, raises a quietly unsettling question about that achievement: as firms hand more of the work to artificial intelligence, and the human role drifts from doing to overseeing,

When the Bank of Lithuania granted Revolut a European banking licence in 2018, the decision was read as a vote of confidence in a new kind of institution: fast, digital and unburdened by the legacy systems that slow incumbents down. Eight years later, Revolut now serves more than 75 million customers and lifted pre-tax profit by 57 per cent to £1.7bn on revenue of £4.5bn last year, and is sounding out investors on a share sale that values it at $115bn, a figure that, the Fina