The U.K.’s approach to regulating AI in financial services by focusing on outcomes and consumer protection, rather than introducing new rules, has been largely welcomed by experts—so long as the current regulatory framework is regularly reviewed.
Neil Hodge
Neil Hodge is a freelance business journalist and photographer based in Nottingham, United Kingdom. He writes on insurance and risk management, corporate governance, internal audit, compliance, and legal issues for a wide range of publications in the United Kingdom and United States.
Posted inData Privacy
Grindr agrees $35 million settlement for U.K. complaint over serious data breaches
The tech company behind gay dating app Grindr has agreed to make a $35.2 million settlement over allegations that it shared sensitive personal medical information—including whether people were HIV positive—with third parties.
Posted inArtificial Intelligence
FCA’s regulatory approach in the age of AI will work for now, but regular reviews are necessary, warn experts
The U.K.’s principles-based approach to financial services regulation should remain fit for purpose in an age of AI, say experts—so long as the regulatory framework is regularly reviewed. In July, the Financial Conduct Authority (FCA) published the “Mills Review” about how the regulator might need to adapt its approach as financial services firms adopt AI […]
Posted inSanctions
OFSI fines Citibank over Russian sanctions violations
Citibank has been handed a £4.7 million fine after its London branch violated the U.K.’s Russian sanctions regime by processing nearly £20 million in illegal payments to designated individuals and organizations.
Posted inData Privacy
Uber’s driver-blocking algorithm draws nearly $1 billion Dutch privacy penalty
The Dutch data protection authority has fined Uber $959.2 million for using automatic decision-making tech to deactivate drivers’ accounts if they received poor customer reviews.
Posted inData Privacy
New U.K. data law takes full effect: What compliance officers need to know
The U.K. has amended its data protection rules with a sweeping law that aims to simplify compliance with existing privacy legislation, including the GDPR. However, compliance officers should be aware that the need to protect personal data remains paramount.
Posted inFinancial Services
Gaps remain in firms’ KYC checks, says U.K. financial services regulator
U.K. financial services firms still have potentially serious gaps in their financial crime controls, despite their assurances that they have beefed up their checks.
Posted inCulture
Corporate culture programs: What are the key points of failure?
The benefits of corporate culture programs have been recognized for some time: they contribute to better corporate governance, more effective risk management, and create a better environment for compliance.
Posted inRegulators
FCA appoints attachés to India, UAE as part of effort to boost U.K. financial services
The U.K.’s Financial Conduct Authority has appointed two financial services attachés in India and the UAE to help boost the regulator’s presence in key global financial markets and to drive investment into the UK economy.
Posted inData Privacy
Data regulator issues privacy guidance over smart devices
Companies that manufacture smart devices are set to face increased scrutiny from data regulators following concerns that most consumers are unaware of how they collect, use and sell their personal information.
