Explainable AI Is a Capital Problem, Not a Technical One — and the FCA Is About to Prove It
Klarna and Monzo now publish detailed model cards before each license renewal. The UK’s Financial Conduct Authority launched the Mills Review on January 27, 2026, making clear that explainability is no longer optional — it is the price of operating in retail financial services. The Most Common Misconception Most fintech leaders treat explainable AI as an engineering task: hire a data scientist, integrate SHAP values or LIME into the credit-scoring model, document the outputs, and file the paperwork. That framing is wrong, and it is costing firms real money. ...