Searching Finance is delighted to announce that later this year we will be publishing Michael Ogazi's:
Regulation, Algorithms and Robots
Some more about Michael
Michael Ogazi is a Fellow of the ACCA and Member of the CISI.
He has worked in financial services for over a decade, providing accountancy, compliance and regulatory services to fund managers, investment and retail banks.
A former music journalist, he is one of the founders of Silicon Finance (www.siliconfinance.com).
The UK’s legal system is a key source of competitive advantage in global markets. The rule of law as determined by Parliament and implemented by courts and other statutory bodies provides the authority, which regulators such as the Financial Conduct Authority and Prudential Regulatory Authority use to underpin their rules and decisions.
It is now clear that the economic and human cost of the ongoing financial crisis, the worst since the Great Depression, will be borne by at least a generation or more. The failure of regulators and by extension, Parliament, to demonstrably hold those responsible to account continues to undermine the perception of the rule of law both within and outside of the UK. As the crisis drags on and an influential school of thought argues we may be approaching, “the end of growth”, politicians and business people are increasingly turning to innovation.
Yet the ponderous pace of the European Union legislative process and the haphazard response of regulators to accelerating technological innovation may be undermining the UK’s competitiveness. Whether it is in crowd funding or mobile applications, the UK is failing to capitalize on its key competitive advantage. Zopa and other crowd-funding companies had to lobby for a regulatory badge of approval for the sector. Whilst the US and Kenya have taken the lead in the application of mobile technology and related regulatory standards.
In this book I will argue that the UK must actively engage with regulation in order to fulfill its potential as a source of competitive advantage in an era of rapid technological innovation. Whilst contrasting the almost imperceptible speed at which technology is changing the nature of financial services with the risks it presents to privacy and employment.