The mobile banking market is expanding rapidly and Clive Anderson, Director of Supervision at the FCA, stated that it is right that the FCA now takes stock of recent developments and looks at how consumers can be ‘appropriately protected’ in the future.
Leon Deakin, Senior Associate at leading national law firm Thomas Eggar LLP, comments:
“Whilst these developments and the FCA’s interest is welcome it does again demonstrate that the law and regulation so often lags behind technological developments. Indeed, this sort of technology and the ideas behind it are certainly not new so why has it taken so long to get to this point?
“In addition, this regulation lag unfortunately creates another knock on issue where the burden falls on ethical and well run technology businesses to anticipate and predict risks and seek to address them in advance. Of course, some less ethical competitors may not bother and therefore can take advantage of any grey areas in the interim in the hope of making short term gain. For those well run businesses some proper regulation will therefore be even more welcome.”