FCA to Tackle Big Data, Expects Firms to Act Ethically
Charles Randell says data and technology usage by firms should "liberate" not "disenfranchize" consumers, and regulation is "central to defining" ethical practices.
Speaking at a Thomson Reuters Newsmakers event, Randell said principle-based regulations and a center for data ethics may be on the horizon to maintain the UK’s leadership role in innovation and ethics.
“The UK already has a trusted legal and regulatory system and contributes to setting global standards of corporate governance and business ethics. We need to contribute to new standards for data efforts too. The FCA and PSR [Payment Systems Regulator] are fully supportive of the governance
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