The CEO of the Financial Conduct Authority (FCA) has underlined that the regulator is investing heavily in data and technology to be more proactive against threats.
According to Finextra, Nikhil Rathi addressed the manner in which the watchdog plans to shape its regulatory approach in the future. He called for the need for intensive dialogue between the UK and US, deepening ties on crypto-asset regulation and supporting the industry to prioritise ESG commitments.
Rathi said that the FCA automatically scans 100,000 websites each day for fraudulent or scam activity targeting UK consumers, and that it has transferred over 50,000 firms and tens of thousands of users to a new regulatory data platform.
He also mentioned that the FCA’s analytics tools are speeding up case management and providing improved visibility of risk in each company.
Rathi added, “There is and must remain a laser focus on the quality of data coming in, in the first place. And this is an area where we are holding firms increasingly to account. We are examining what potential systemic risks are posed by our financial services sector relying upon the resilience of services provided by a small number of critical third parties – including cloud providers – and will soon publish a joint discussion paper with the Bank of England setting out potential new measures. In this work cross-border cooperation will be key.”
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