Consumer data must be handled ‘properly’ – FCA official
Consistent deployment of consent management tools is needed to ensure consumers trust the new open banking environment, a director at the UK’s Financial Conduct Authority has warned.
Speaking in London on November 18, Sheldon Mills said it was important firms – and the regulator itself – did not “lose sight of the ethics of data usage”.
“It is crucial that we ensure data is held securely and used in an ethical manner,” he said, noting there was a “challenge” for the FCA in helping firms to
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe
You are currently unable to print this content. Please contact info@centralbanking.com to find out more.
You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@centralbanking.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@centralbanking.com
More on Fintech
Fintech Benchmarks 2023 – executive summary
Most central banks continue work on CBDC, while payments innovation again tops research agenda
Fintech Benchmarks 2023 report – the future of money
Most central banks continue work on CBDC, while payments innovation again tops research agenda
Brazil’s central bank authorises business payments on WhatsApp
Peers can also send money in India, while B2B only is enabled in Singapore
EME fintech teams have wider mandates
Few chief fintech officers recruited by central banks
Regulating fintech is biggest tech challenge, central banks say
Benefits include financial inclusion, cost reduction and service efficiency
BIS’s Skingsley urges central banks to collaborate on tech
Developing new technology may require “more openness than central banks are used to”
Central banks split on machine learning, AI technologies
Respondents optimise features despite drags in data quality, skills gap and algorithmic challenges
Location, security and privacy are top cloud concerns
Richer economies more likely to domesticate and operate hybrid servers