Industry Raises Questions Over Watchdogs' Data Plans
Law360, London (January 9, 2020, 12:41 PM GMT) -- The Chartered Insurance Institute has warned that plans by financial regulators to increasingly use data to aid in the supervision of companies could lead to an “oversimplified” view of the market.
The institute, which is responsible for professional standards in the insurance industry, said on Wednesday the Financial Conduct Authority and the Bank of England should not replace human insight with “digital breadcrumbs.”
The City regulator and the central bank said in a joint statement on Tuesday that they would invest in technology and data analytics to help them improve their monitoring of what companies are doing and predict potential harm to...
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