01 October 2014

New City watchdog to trawl Twitter for bad bank behaviour

28 March 2013  |  5631 views  |  0 Twitter logo

The head of new City watchdog the Financial Conduct Authority has vowed to take a more proactive approach than his predecessors, monitoring social media sites like Twitter to sniff out illegal behaviour.

As he prepares to take up his role as chief executive of the FCA next week, Martin Wheatley told This is Money that new information gathering methods will be introduced to help identify things such as the PPI miss-selling scandal.

"What's new is that we won't just be relying on regulatory reports back from firms, but on reports from consumer bodies, internet monitoring, the media and even on Twitter," says Wheatley.

Magnus Almqvist, senior product specialist, capital markets business, SunGard, says: "This highlights that there's growing demand in financial services to introduce efficient and scalable automated solutions that monitor both sales activity and communication via corporate web pages and social media channels such as Twitter and Facebook."

KeywordsSOCIAL MEDIA

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board, sign up now.

Related blogs

Create a blog about this story (membership required)

Related stories

18 March, 2013
07 February, 2011
16 July, 2010
15 June, 2010

Related company news

 

Featured job

Competitive (base, bonus, benefits)
Boston, MA (USA)

Find your next job