Charles Randell, the recently appointed Chair of the FCA and the PSR, has delivered a speech, in which he discussed the increasing dominance of algorithms in our day to day lives, and noted some of the consequent issues that will need to be grappled with, as the rise of Big Data, AI and machine learning and behavioural science are driving technological innovation, particularly in the financial services space.
Mr Randell suggested that there are three elements to the foundations of ‘good,’ and sustainable, innovation:
- purpose, perhaps the most important driver of the firm’s culture;
- people, and ensuring that people are accountable for innovation, and
- trust, “the most important asset of any financial services business”.