The FCA is embracing "science fiction" in its plans for the future of financial regulation, which could see it using AI to identify firms and individuals that are most likely to break rules before they have a chance to act.
Speaking at the Personal Investment Management & Financial Advice Association (PIMFA) summit on 31 October, acting director of strategy at the Financial Conduct Authority (FCA) Richard Monks explained technology was set to change the regulator's approach to supervision and enforcement. Specifically, Monks said technological advancements were informing how the FCA tackles "the challenge of the very small number of firms who, deliberately or not, cause issues and have a disproportionate impact on trust in the market, creating costs for the industry and for consumers". Marilyn Cole: The ...
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