The IA has responded to the Mills Review. It notes:
- investment managers will need to make their operating models evolve from periodic, manual assurance to continuous oversight of AI-driven decision-making;
- it is already seeing agentic tools supplementing or replacing some third-party research functions;
- it will be critical to maintain accountability, particularly under the SMCR, as firms rely increasingly on third party providers and externally managed models; and
- it is essential that industry and regulators continue to collaborate to support innovation, competitiveness and good consumer outcomes.