On Apr. 22, UK FCA speech outlined big tech opportunities and risks.
Nikhil Rathi speechNavigating the UK digital regulation landscape: where are we headed? at Digital Regulation Cooperation Forum, (DCR) on big tech opportunity/risks.
Discussed plans to examine how Big Tech firms’ unique access to large sets of data could unlock better products, competitive prices and choice for consumers, businesses.
As DRCF chair, a priority will be to exploit big tech opportunities and mitigate risks.
Wants to work with big tech and examine how their data could help both financial firms and customers in future, while also ensuring competition evolves effectively.
Is exploring a commercially viable framework for open banking & finance data sharing.
Need to be vigilant on retail financial services incumbents and innovator deterrents.
Aims to minimize financial markets disruption by ensuring their operational resilience.
With UK PRA, UK BoE has consulted on oversight of critical third parties, see #194046.
UK FCA has responded to government AI white paper; as UK is currently not creating separate regulations for AI, regulators and industry must work collaboratively.
The main issue identified in responses to DRCF future workplan was AI governance.
Deepening its understanding of AI's cross-regulatory implications, and its response will be core to its work within the DRCF AI and digital hub, launched on day of speech.
