The chief executive of the UK’s Financial Conduct Authority (FCA) has stated tech giants need to collaborate with the regulator to better protect consumers.
Andrew Bailey, who is stepping down from his position as chief executive, stated that technology companies need to help protect consumers. He also stated there needs to be transformation within the regulator to reform operations, particularly its approach to data.
He said, “We would like much more assistance from the big internet service companies, particularly Google, to be prepared to establish an evidential standard by which if that evidential standard is met, they take down very quickly promotions that we identify to them are frauds or misleading.”
His comments come in his final Inside FCA Podcast where he discusses the last year and his time with the regulator. Bailey comments on
Bailey went on to comment on the challenges the regulator is set to face after the UK leaves the European Union. The regulator has been hard at work over the last year to prepare itself for Brexit.
The regulator has been providing educational material to help companies understand the potential changes to the market. This includes information around no-deal Brexit.
He said, “I think the main thing is to remember that we’re doing a very important job, we’re doing a hard job, nobody ever said it was easy, we didn’t come here to do an easy thing. I think that’s part of the great challenge and part of the great fascination of the FCA.”
Bailey is leaving the FCA to become the new Governor of the Bank of England. He will begin his term on 16 March 2020.
Copyright © 2020 FinTech Global
