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THE MILLS REVIEW · JULY 2026

The Mills Review validates the AI governance model Aveni was built for

The Mills Review sets out how firms will need to govern AI as it takes on more decisions and customer interactions. Aveni has spent seven years developing those capabilities specifically for regulated financial services.

Get the briefing: The Mills Review, mapped

AI can turn a single error into a population-scale problem

A human adviser makes one judgement at a time. An AI system can make thousands. If that decision pattern is flawed, the same error can reach every customer the system serves before anyone spots it.

Financial services governance was designed for people working at human speed. AI changes the scale and speed of decisions, creating a mismatch that existing oversight models were not built to handle. The Mills Review is the FCA’s response to that mismatch.

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What the Mills Review asks firms to do

Accountability does not change. Firms remain responsible for every customer outcome, whether the work is done by a person or AI.

What changes is the evidence required: continuous monitoring, timely outcome data and oversight that operates at the same speed and scale as AI.

AI governance must operate at the same speed and scale as AI itself.

CRO SERIES | EPISODE 2 · ON DEMAND

Watch the Mills Review discussed: what risk and compliance teams should do first

  • Watch on demand · 32 minutes
  • Ben Cave & Kent Mackenzie
Watch the recording

The Mills Review describes the model. Aveni already delivers it.

The Mills Review points towards stronger oversight before, during and after AI systems are used.

Aveni brings those stages together in one platform. Firms can capture interactions, test AI before deployment, monitor behaviour in live operation and review every outcome against a consistent standard.

ASSIST
Assist: capture every interaction
Assist records, transcribes and structures customer interactions as they happen. This creates a reliable record that firms can use for documentation, oversight and later review.
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APPROVE
Approve: test AI before deployment
Approve turns your policies and risk appetite into test criteria. AI systems are assessed across realistic customer scenarios so teams can identify weaknesses before deployment. Deployment decisions are supported by evidence from testing.
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ASSURE
Assure: monitor AI continuously
Assure monitors AI systems while they are in use. It tracks behaviour against expected limits, identifies drift and gives teams the information they need to intervene quickly
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DETECT
Detect: review every outcome
Detect assesses completed interactions, whether handled by a person or an AI system, against one consistent standard. It gives firms broader coverage, clearer evidence and a more complete view of customer outcomes.
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INTELLIGENCE ENGINE
Intelligence Engine: the intelligence behind every Aveni product
The Aveni Intelligence Engine combines fast classifiers, financial services models and general-purpose language models.
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Mills Review resources

The Mills Review

Read the FCA’s full Review and its seven recommendations for the future oversight of AI in retail financial services.

Read the Review on the FCA’s website
The Mills Review, mapped

See how the six recommendations translate into practical AI governance, and where Aveni’s capabilities help firms build the operational assurance model the Mills Review calls for.

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Map the Mills Review against your firm

In a 30-minute briefing, our team will map the Mills Review’s recommendations against your current governance approach and show where Aveni can support stronger oversight today.

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