UK Regulators Focus On Data To Protect Financial Sector

Law360, London (January 7, 2020, 12:48 PM GMT) -- Britain’s financial regulators said on Tuesday that they will invest in innovative technology and make greater use of data to monitor banks and insurers as they seek to ensure stability and protect consumers.

The Financial Conduct Authority and the Bank of England said in a joint statement that they plan to develop digital strategies so they can more effectively predict and monitor what financial companies are doing and respond. Investing in new technology and increasing the use of data from banking and insurance groups will help them improve financial stability and boost competition, the watchdogs said.

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