These are challenging times for the UK’s Financial Conduct Authority. The City regulator is wrestling with how best to control the new breed of online businesses targeting investors.
One of its biggest dilemmas is how to stop social media giants from publishing and profiting from fraudulent content in the form of paid-for advertising.
Another concerns cryptocurrencies. It’s an issue that poses so many questions? Should there be more regulation introduced? How would it work? Are there any downsides of restrictions?
Charles Randell, chair of both the FCA and Payment Systems Regulator, outlined the issues being faced when he spoke this week at the Cambridge International Symposium on Economic Crime.
He said the internet had enabled businesses to innovate and grow, but this “awesome power” must be matched with responsibility.
“As we live more and more of our lives online, we can’t allow online business to…