FCA chair warns of big data-driven ‘algocracy’

Charles Randell
Charles Randell
Bank of England

Technological innovation could end up oppressing society rather than improving it if appropriate safeguards are not put in place, the chairman of the UK’s Financial Conduct Authority warned today (July 11).

While stressing that technological developments generally bring “huge benefits” to society, Charles Randell said there was “no room for complacency”. Three fields in particular – big data, artificial intelligence and behavioural science – are showing rapid advances that could lead to rule-by

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