Brace for the ‘techlash’ says FCA chief as he warns on future of financial services

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City AM

By Jess Jones The chief of the Financial Conduct Authority (FCA) has said the UK’s financial services may need to prepare for a “techlash” as big tech threatens to damage financial inclusion and security of data and services. In a speech today, Nikhil Rathi warned that “new forms of fraud and harms” created by technologies like quantum computing and artificial intelligence (AI) could jeopardise the security of digital identities and overall trust in tech. “We may have to brace ourselves for the Techlash,” Rathi said. Envisaging this potential scenario, he said tech and banking heavyweights cou…

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