EU Watchdogs Urge Caution In Digital Finance Surge

Law360, London (June 30, 2020, 1:21 PM BST) -- European financial watchdogs have warned the European Commission to weigh the need to protect consumers against the benefits of "big data," artificial intelligence and technological innovation as it moves toward a digitized financial future.

The European Banking Authority, the European Securities and Markets Authority and the European Insurance and Occupational Pensions Authority ⁠— collectively the European Supervisory Authorities ⁠— responded on Monday to the commission's consultation on how it should regulate growing pressure on financial sectors to move online.

The watchdogs emphasized the need to ensure that embracing big data and digitization in finance does not put consumers at risk and that online...

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