The UK’s financial markets watchdog is ramping up its spending on data analytics as it responds to demands for “stronger and faster intervention”. Andrew Bailey, chief executive of the Financial Conduct Authority, told guests at the annual Lord Mayor’s City Banquet at Mansion House on October 24 that since the global financial crisis there has been growing impatience at the speed with which the FCA and other public authorities respond to problems. ...
The UK's Financial Conduct Authority (FCA) will increase investment in data following criticism it has been slow to respond to recent scandals. In particular, the regulator has been questioned over its slow response to the saga surrounding Neil Woodford's Equity Income fund, which faced liquidity issues earlier this year. CEO Andrew Bailey, who has faced calls to step down, said the regulator will now make a "major investment in data analytics" to aid it in responding to incidents. Bailey, who was speaking at the Lord Mayor's City Banquet, also hinted at future additional disclosure standards for the fund industry.