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

iPipeline launches underwriting tool on SolutionBuilder

iPipeline launches underwriting tool on SolutionBuilder

Developed with The Openwork Partnership

Jaskeet Briah
clock 18 June 2025 • 2 min read
Perci Health raises £3m to scale business

Perci Health raises £3m to scale business

£7.7m raised overall

Cameron Roberts
clock 12 June 2025 • 2 min read
Positive Q1 for protection: iPipeline

Positive Q1 for protection: iPipeline

APE up 17%

Cameron Roberts
clock 05 June 2025 • 1 min read