25 February 2017
Visit EBAday.com

New City watchdog to trawl Twitter for bad bank behaviour

28 March 2013  |  7619 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)

Finextra news in your inbox

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

Related stories

SEC moves to clarify social media rules

SEC moves to clarify social media rules

18 March 2013  |  7091 views  |  0 comments | 5 tweets | 4 linkedin
SunGard introduces social media surveillance tech

SunGard introduces social media surveillance tech

07 February 2011  |  13942 views  |  3 comments
Regulators turn up the heat on social media-linked scammers

Regulators turn up the heat on social media-linked scammers

16 July 2010  |  5827 views  |  0 comments
FSA warns on social media financial promotions

FSA warns on social media financial promotions

15 June 2010  |  9620 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)

Who is commenting?

Top topics

Most viewed Most shared
EBA to relax controversial PSD2 authentication rulesEBA to relax controversial PSD2 authentica...
12432 views comments | 52 tweets | 72 linkedin
RBS to become fintech fund and high street outlet for challenger banks under HMT remedyRBS to become fintech fund and high street...
8490 views comments | 40 tweets | 34 linkedin
High rate of defaults hit P2P lending sectorHigh rate of defaults hit P2P lending sect...
6736 views comments | 18 tweets | 13 linkedin
BNY Mellon seeks blockchain experts for new emerging biz and tech teamBNY Mellon seeks blockchain experts for ne...
6596 views comments | 7 tweets | 4 linkedin
Visa opens London innovation centreVisa opens London innovation centre
6002 views comments | 20 tweets | 19 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job