New chair Randell says monitoring misuse of data is top of his agenda adding “We need to be mindful of the fact that the financial services sector could, if we do not go about our strategy in the right way, have its own ‘Cambridge Analytica moment’,”
Data misuse would cause public backlash against financial sectorBrexit is opportunity for ‘right-size’ regulationFCA wary as drumbeat for mergers beginsThe financial sector faces its own “ Cambridge Analytica moment” if it loses public trust over the way it handles data, the new chair of the financial regulator has warned. In his first interview as the head of the Financial Conduct Authority, Charles Randell said monitoring the misuse of data was a “huge issue” and at the top of his agenda. “We need to be mindful of the fact that the financial services sector could, if we do not go about [our strategy] in the right way, have its own ‘Cambridge Analytica moment’,” said Mr Randell, referring to the former political consultancy that mined Facebook data to help Donald Trump and the Brexit campaign win votes.
https://www.ft.com/content/27361714-7fb3-11e8-8e67-1e1a0846c475
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