UK Conduct Regulator Chair Supports New Standards For Data Ethics

On July 11, 2018, Charles Randell, Chair of the FCA and Payment Systems Regulator, delivered a speech on big data, regulation and data protection entitled "How can we ensure that big data does not make us prisoners of technology?"

Discussing the risks associated with big data and artificial intelligence, Mr. Randell highlighted that in order to innovate ethically, thought needs to be given to the questions posed by big data, AI and behavioral science. In particular, the FCA Chair is concerned that technical innovation could increase social exclusion and reduce access to financial services if it was used, for example, to identify the most profitable or most risky customers.

The FCA Chair argues that the U.K.'s global leadership in both technological innovation and financial services could be strengthened through fair standards and public trust. He supports the development of new standards for data ethics and believes that the U.K. has an important role to play in