Home Business UK financial watchdog bolsters data spend in bid to stop scams

UK financial watchdog bolsters data spend in bid to stop scams

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LONDON, July 15 (Reuters) – The Financial Conduct Authority said on Thursday it will spend 120 million pounds ($166 million) over three years to improve its data strategy and spread more staff across Britain to tackle market abuses faster.

The FCA has come under heavy criticism for its botched handling of London Capital & Finance, the investment fund whose collapse is forcing the government to use taxpayer money to compensate thousands of investors.

Former finance ministry official Nikhil Rathi, who became chief executive last year, has already revamped his executive team and has pledged to act faster in cracking down on financial scams.

The watchdog also has the task of reforming Britain’s huge financial sector after the City of London was largely cut off by Brexit from January.

“The FCA must continue to become a forward-looking, proactive regulator. One that is tough, assertive, confident, decisive, agile,” Rathi said in a statement accompanying his…

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