FinTech and Big Data / Prof. Federico Ferretti

Date: 

Wed, 27/03/2019 - 15:00 to 16:30

Location: 

I-CORE – The Center for Empirical Studies of Decision Making and the Law, the Faculty of Law, Mt. Scopus, The Hebrew University of Jerusalem
Federico Ferretti

This seminar intends to represent a case study of the various issues involved in consumer financial regulation. This is a topic at the forefront of the European policy debate on financial services regulation. There is much hype about the potential for technological innovation (FinTech) and big data to transform and deliver financial services to consumers. The seminar will discuss, from the perspective of financial inclusion and consumer protection, the extent to which the current EU legal framework is prepared to respond to the challenges posed by such innovation in the context of the prospective opportunities and detriment for consumers. Specific emphasis is also given to the issues of economic efficiency vis-à-vis consumer exploitation or exclusion – financial, economic and social. The aim is to show how the risks are likely to contrast or outweigh the benefits, unless proper regulation is in place. The case of the current legal regime will be presented to demonstrate how it is not fit for purpose despite the enactment of brand new legislation (e.g. the General Data Protection Regulation – GDPR). The legal analysis is meant to convey that FinTech and digitalisation may be a 'Trojan Horse' – i.e. it appears on the surface to be a gift to society but in reality could cause serious harm. Hence, the role of regulation.

Fintech and Big Data Flyer