FCA must adapt to changing technology to regulate City, says chief

  • FCA must adapt to changing technology to regulate City, says chief
  • The main City regulator fears being left behind by a new wave of technological innovation that could increase the risk of financial firms making bad decisions and going bust, according to its latest business plan .
  • The Financial Conduct Authority said developments, which include artificial intelligence and the introduction of blockchain technology for financial transactions, could race ahead without adequate regulations in place, potentially undermining the strength of London as a financial centre.
  • The FCA report said: “Technology change brings risks to the operational resilience of our financial system and to the accountability of firms for the effects of decisions taken by machines.

Read full article: theguardian.com