FCA must adapt to changing technology to regulate City

FCA chief Andrew Bailey says more resources are needed to upgrade regulations for AI and blockchain

The main City regulator fears being left behind by a new wave of technological innovation that could increase the risk of financial firms making bad decisions and going bust, according to its latest business plan.

The Financial Conduct Authority warned developments, which include artificial intelligence and the introduction of blockchain technology for financial transactions, could race ahead without adequate regulations in place, potentially undermining the strength of London as a financial centre.

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