None of the existing UK quangos and orgs with the title or mission of "regulator" actually do any regulation*, so maybe they thought it was worth a shot? Can't be any worse than the status quo, right?
*Well, they do regulate normal individuals. Never business or power. Regulatory capture is alive and well.
Excellent. I kind of thought that might be the case but that's not really regulating big tech... It's regulating commercial finance, which presumably they had the remit and powers to do already
4 Comments
TheJesusaurus@piefed.ca · 13 pts · 37d
Absolutely necessary but is the bank of England the right entity to be regulating these?
Brewchin@lemmy.world · 2 pts · 37d
None of the existing UK quangos and orgs with the title or mission of "regulator" actually do any regulation*, so maybe they thought it was worth a shot? Can't be any worse than the status quo, right?
*Well, they do regulate normal individuals. Never business or power. Regulatory capture is alive and well.
BigTwerp@feddit.uk · 1 pts · 36d
This is specifically only for cloud services provided by e.g. Amazon to financial institutions.
It's an extension of existing powers already applied to the companies that handle financial data.
So... Not only is the BoE the right people to to it, they are probably the only people with the expertise to do it.
TheJesusaurus@piefed.ca · 2 pts · 36d
Excellent. I kind of thought that might be the case but that's not really regulating big tech... It's regulating commercial finance, which presumably they had the remit and powers to do already