Nikhil Rathi discusses Big Tech, Open Data and risks of new technology

Article summary

The Financial Conduct Authority (FCA) has published a speech by CEO Nikhil Rathi, in which he discussed how consumer-facing technology can ‘help keep consumer markets honest’. Rathi argued that Big Data must not be the preserve of Big Tech, saying a digital identity authentication system and a commitment to Open Data could boost productivity and consumer confidence in how their data is used. Rathi also addressed financial exclusion and the application of the Consumer Duty to consumer technology in financial services and warned, more generally, that the industry can expect more deployment of the FCA’s criminal powers in the year ahead to prevent market and consumer harm.