FCA outlines approach to Big Tech and AI
By Law News
Nikhil Rathi, chief executive of the UK's Financial Conduct Authority, says the regulator welcomes the government's call for the UK to be the global hub of AI regulation.
In a speech to be given at The Economist on 12 July, Rathi will say that the FCA will open its AI sandbox to companies wanting to test the latest innovations. The FCA will also increase its scrutiny of Big Tech’s role as the gatekeepers of data in financial services.
In a press release ahead of the event, which includes Rathi's planned speech, the FCA said: "Our outcomes and principles-based approach to the regulation, including the Senior Managers Regime and Consumer Duty, should mean firms have scope to innovate while protecting consumers and market integrity. We will only intervene with new rules or guidance where necessary.
"We will regulate firms that are designated as Critical Third Parties where they underpin financial services and can impact stability and confidence in our markets."