FCA/BoE reforms: 'Digital breadcrumbs' not enough, CII warns

The Chartered Insurance Institute has warned data alone won’t prevent future consumer detriment, as it responds to the Financial Conduct Authority and Bank of England proposals for improvements across the UK financial sector.

Managing director of engagement for the Chartered Insurance Institute, Keith Richards said that whilst it is vital that the regulator has the right data to inform rules, data must be accompanied by human insight to ensure developments in the market are thoroughly understood. "Digital breadcrumbs can't replace the knowledge gained by speaking to those who assist consumers," he warned.

“There is also a danger that a desire to streamline data collection might mean that different assets might be treated as the same, simply to create large ‘buckets’ for counting in a standardised way across the sector. This, in turn, might lead to an over-simplified view of the market.

    Share Story:

Recent Stories


Manufacturing: An industry at risk amid great technological change
Of the many sectors of business, manufacturing companies are among the most at risk from cyber threats. How has the sector evolved to make it so vulnerable and what does the task of managing cyber exposure in a manufacturing company look like? CIR’s latest podcast with Tokio Marine HCC sought to answer all these questions and more. Published April 2021

Are property insurers ready for timber
The Structural Timber Association is gearing up to help all stakeholders in the construction supply chain to fully appreciate the advantages of building in timber, how to deliver such projects and most importantly to understand and manage the risks. Published December 2020

Advertisement