Written by FT Adviser
Simon Bussy, Principal Consultant told FT Aviser “The biggest risk by far — and one which the larger financial institutions in particular are extremely wary of — is that the algorithms used to provide the automated recommendations are later proved to be wrong,” he went on to say “This would be a systemic risk, as all customers who had used the service would be impacted.”
In a sector with so much complexity, to what extent is RegTech solving the real compliance issues facing financial services?
Half of the companies in the first wave of the Financial Conduct Authority's advice unit have either launched a low-cost advice service or will be doing so imminently.
Over the last ten years it has become increasingly possible to turn bright technology ideas into smooth, working, scalable solutions, writes founding director of Altus, Kevin Okell.