New chair Randell says monitoring misuse of data is top of his agenda adding “We need to be mindful of the fact that the financial services sector could, if we do not go about our strategy in the right way, have its own ‘Cambridge Analytica moment’,”
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Financial sector faces ‘Cambridge Analytica moment’, warns FCA
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Financial groups are increasingly mining customer data, from insurers pricing premiums to lenders developing credit scores. Earlier this week, the European Banking Authority, the regulator of regulators across the EU, warned of the risks of illegal discrimination and misuse arising from data mining. Mr Randell, a former board member of the Bank of England’s Prudential Regulation Authority, said he would discuss data ethics in his maiden public speech next week.
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