FCA and BoE ramp-up data credentials to 'transform' UK regulation

Five year plan

clock • 4 min read

Chartered Institute for Insurance (CII) warns that data revolution alone won’t protect consumers

The Financial Conduct Authority (FCA) and the Bank of England (BoE) have committed to transforming the way in which UK firms are regulated via an unprecedented drive to improve the regulators' data and analytics capabilities. Announcing their plans on Tuesday (7 January), the regulators said the changes would improve the standard of regulation, allowing them to "anticipate harms before they crystallise", and reduce the cost of reporting for regulated firms. It follows previous signals from the FCA that it would embrace machine learning techniques to become a "robo-regulator", with asp...

To continue reading this article...

Join COVER for free

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Members only access to monthly programme 'The COVER Review'
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

More on Technology

Insurtech Eleos to expand life insurance offering

Insurtech Eleos to expand life insurance offering

Plans to strike more UK distribution partnerships

Jaskeet Briah
clock 10 May 2024 • 2 min read
More data, better model

More data, better model

AI solving insurer challenges

Ken Davis
clock 30 April 2024 • 3 min read
MorganAsh partners with FWD Research on customer vulnerability

MorganAsh partners with FWD Research on customer vulnerability

Now offering a two-stage vulnerability evaluation framework

Jaskeet Briah
clock 24 April 2024 • 1 min read