REPORT: Consumer Protection Code and the Digitalisation of Financial Services
Through a combination of shrewd politics and tailored economic incentives, Ireland has emerged as a European technology leader. While we tend to focus on the FCA to identify prospective regulatory issues for Australia, Ireland's technological advantage suggests that we should look to them to identify the future of finch and regtech.
This report from the Central Bank of Ireland provides a well considered perspective of the key challenges and one that identifies accountability as a critical issue. They observe that:.
As consumers adopt more technologies and transact their financial services business online, they increasingly interact with multiple firms. In addition, FinTech companies are emerging which specialise in the provision of a particular technology enabled process or solution that makes up just one part of the final product of service that a consumer purchases. These trends can complicate the “customer journey” and make the allocation of responsibility along the product supply and distribution chain more difficult. As such, innovation and technological advances have led to a more fragmented landscape of firms and this trend looks set to continue.
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