Drivers of change in the financial services industry and how the FCA is responding
Regulatory Updates | 09/11/21
Jessica Rusu, Chief Data, Information and Intelligence Officer at the FCA gave a speech Drivers of change in the financial services industry and how we are responding.
Key points from the speech included:
- The threat landscape has shifted for consumers, with fraudsters and scammers benefitting from new technologies and new consumers being drawn to high-risk markets and products, motivated by competition with friends, family, acquaintances and the influence of social media.
- To tackle the challenges faced by consumers and industry, the FCA must make the best use of its own resources – connecting the dots in terms of intelligence across the organisation, drawing on strategies and approaches from data science, and leveraging data to create new tools and techniques which help the FCA to detect harm and intervene more quickly.
- The FCA has a vital role in enabling the fintech sector to achieve its potential and position the UK at the forefront of technological growth.