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.
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