Our clear message to the firms we regulate is that it is their responsibility to identify, mitigate and manage these risks. This can include, for example, risks arising from the speed and ease at which transactions can be completed and the absence of any human interaction or advice to support good decision-making.
The extent to which personal data is available to firms is also open to misuse and raises complex ethical questions on appropriate use. And some consumers are excluded from services because they cannot access or struggle with the technology in question - accessing financial services now not only requires financial literacy but also requires a level of digital literacy.