Reviewing 2024’s key players in UK tech’s naughty and nice list provides insight into financial conduct and industry ethics.
- Kristo Käärmann, CEO of Wise, fined by FCA for nondisclosure of previous regulatory breaches.
- Amanda Brock from OpenUK pushes for transparency in AI by challenging “open washing” practices.
- Reality star Scott Timlin criticizes for promoting unauthorized high-risk investments to his followers.
- Ed Newton-Rex exits Stability AI and launches Fairly Trained to promote ethical AI training.
In 2024, the UK tech industry saw its fair share of commendable and questionable actions from prominent figures. Kristo Käärmann, CEO of Wise, stands out on the less favourable side of the spectrum due to regulatory issues. The Financial Conduct Authority (FCA) reprimanded Käärmann with a £350,000 fine for failing to disclose prior regulatory breaches during assessments of his conduct. This included a significant fine in 2021 for capital gains issues not communicated to the FCA, raising questions about transparency and compliance within leadership ranks.
Contrasting actions were seen from Amanda Brock, the CEO of OpenUK, championing the necessity for openness in rapidly evolving AI technologies. Brock’s advocacy against ‘open washing’—where companies mislabel products as open source without meeting true open standards—reflects her commitment to ensuring genuine transparency. Her consistent calls to legislative bodies urge them to safeguard against misleading practices in the tech industry.
Scott Timlin, known for his reality television career, has ventured into the tech domain for dubious reasons. His promotion of high-risk financial products, specifically contracts for difference (CFDs), to his large social media following without proper authorisation drew significant criticism. This action led to legal scrutiny and highlighted the potential risks associated with celebrity endorsements in the financial sector.
Ed Newton-Rex took a principled stand by resigning from Stability AI over their contentious use of copyrighted material for AI training. In response, he founded Fairly Trained, a nonprofit to ensure AI companies adhere to ethical training data practices. This initiative aims to certify AI models that respect copyright laws, promoting fair use and ethical standards in AI development.
Other figures like Jayne Sibley, who founded Sibstar to aid dementia patients through financial independence, have earned admiration. Her efforts in leveraging open banking to create secure financial solutions for vulnerable individuals reflect a responsible application of technology for social good. Meanwhile, financial activities of CB Payments Ltd, a subsidiary of Coinbase, raised red flags with the FCA due to engagement with high-risk customers exceeding agreed limits, culminating in a sizable fine.
The narrative of UK tech in 2024 also includes discussions on generative AI’s impact, the imperatives of regulatory frameworks, and the evolving roles of key industry players. Figures like Mike Lynch, despite his passing, continue to inspire with their contributions to tech. As the industry continues to grow and evolve, ethical transparency and responsible innovation remain at the forefront.
The UK tech landscape in 2024 underscores the need for ethical leadership and transparent practices as the industry continues to evolve.
