Financial Conduct Authority chief executive Nikhil Rathi has warned that as finance becomes more digital, executives will still be on the hook for failures.

"From masters of the universe to demi-gods of data, financial and Big Tech firms will wield huge power over the direction of our lives," Nikhil Rathi told UK Finance's annual dinner on 16 November. "We can rage against the machine but ultimately, we must agree that the responsibility for algorithms and AI stops with the human leaders at the top of firms."