Season 4, Episode 7: The threat of Big Tech
In the seventh episode of season 4 of the Compliance Clarified podcast, Susannah Hammond is joined by Lindsey Rogerson and Michael Cowan to take a look at the challenges and indeed threat posed by Big Tech to mainstream financial services. The perceived benefits of allowing tech firms to operate with a banking licence are seen to be ‘compelling but require scrutiny’. Unburdened by legacy infrastructure, tech firms often offer superior technology and user-friendly apps that may allow them to reach more consumers and perform various aspects of the banking business (onboarding, deposit-taking, lending, payments) more efficiently than incumbents. Links to content referenced in the discussion: Financial Stability Institute ‘Gatekeeping the gatekeepers’ paper (link is: https://www.bis.org/fsi/publ/insights39.pdf ) Kelly report on Co-op Bank (link is: https://assets.ctfassets.net/5ywmq66472jr/3LpckmtCnuWiuuuEM2qAsw/9bc99b1cd941261bca5d674724873deb/kelly-review.pdf )Link to Department of Culture, Media and Sport statement on adding paid-for advertising to Online Safety Bill https://www.gov.uk/government/news/major-law-changes-to-protect-people-from-scam-adverts-onlineLink to article on joint Parliamentary committee draft report on the Online Safety Bill https://www.linkedin.com/feed/update/urn:li:activity:6907301343145693184/ Further information on Thomson Reuters Regulatory Intelligence can be found at: https://legal.thomsonreuters.com/en/products/regulatory-intelligence?elqTrackId=73370082102a4669b4d34524158b501c&elqaid=3945&elqat=2