Why The Mills Review is the AI starting pistol for brokers
Most coverage of The Mills Review, published on 6 July, has focused on what it does not do. There is no new AI rulebook, no new obligations and nothing specific to implement. But that somewhat misses the point, writes Robin Knowles, compliance consultant at UKGI.
The Mills Review does not propose new rules because, as it explains, it does not need to. Existing regulatory frameworks already apply, including Consumer Duty, the Senior Manager & Certification Regime and operational resilience.
The FCA’s message is clear: firms should already be governing AI within those frameworks, without waiting to be told again.
The issue is not what comes next, but whether your firm can evidence how it governs the AI it uses.
For brokers, these are the three points in The
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