While writing in the FT Karen Petrou, Managing Partner of Federal Financial Analytics, discussed the risks associated with fintech sandboxes and asks if there is enough regulation being applied to fintech; the amount of data collected and they way in which it is stored can leave personal information vulnerable to hacking; should we be asking more questions of fintech firms and big tech like Amazon or Facebook who might one day offer checking accounts and other financial products; financial services companies are regulated to ensure consumer protection, allowing fintech firms to operate under different rules can be dangerous and regulators should consider this as they craft new era financial legislation. Source.
