The UK tech industry’s notable figures have shown both commendable achievements and concerning actions in 2024.
- Kristo Käärman, CEO of Wise, faced significant financial penalties due to regulatory breaches.
- Amanda Brock, CEO of OpenUK, advocates passionately for true openness in generative AI technologies.
- Reality TV star Scott Timlin was criticized for promoting unauthorized high-risk investments.
- Ed Newton-Rex, founder of Fairly Trained, champions ethical AI practices with his certification initiative.
The UK tech sector witnessed a range of activities in 2024, casting certain industry figures in both favorable and unfavorable lights. The focus has been on both commendable actions and those that have drawn criticism.
Kristo Käärman, the CEO of Wise, found himself under scrutiny. Although Wise has innovated significantly in cross-border payments, Käärman attracted a £350,000 fine from the Financial Conduct Authority (FCA) because he failed to disclose past regulatory breaches during assessments. This issue followed a previous fine of £365,651 in 2021, related to a capital gains liability that Käärman did not report. His actions raised questions about his management conduct.
Amanda Brock, leading OpenUK, has been a staunch advocate for genuine openness in generative AI. Amidst debates on whether AI should be open, Brock insists that transparency should not be compromised. She’s highlighted risks like ‘open washing’, where companies misuse the open-source label without meeting necessary standards. Brock’s persistent pressure on legislators emphasizes the importance of maintaining real openness.
Scott Timlin, mostly known for his reality TV appearances, surprisingly found his way into tech news for negative reasons. The FCA took him to court for promoting unauthorized contracts for difference investments on Instagram. Despite ongoing legal challenges, he continued endorsing crypto investments, raising alarms about the influence of celebrities on vulnerable followers in the tech finance sector.
Ed Newton-Rex took a strong ethical stance in AI with his initiative, Fairly Trained. Responding to the controversial practices at Stability AI, where he previously worked, Newton-Rex launched this non-profit to certify AI companies for using fair training data. The effort ensures that AI development respects copyright and artists’ rights, a growing concern as the industry evolves.
UK fintech company Sibstar, co-founded by Jayne Sibley, has made strides in aiding dementia patients through financial independence. Utilizing open banking, Sibstar implements measures to protect patients from financial risks. Backed by a £125,000 investment on a popular TV show, Sibstar aims to support the almost one million dementia patients in the UK, demonstrating how technology can aid vulnerable groups.
AI startup Haiper faced criticism for its lax safeguards in image generation. Despite securing £11 million in funding, the startup allowed creation of potentially harmful or misleading images. This raised calls for better safety measures in AI technologies, highlighting the responsibility of tech companies to prevent misuse.
Coinbase’s UK arm, CB Payments Ltd, was fined £3.5 million by the FCA for onboarding high-risk customers against set restrictions, revealing serious compliance issues. This incident sheds light on the ongoing regulatory challenges in the crypto industry and the importance of stringent guidelines to prevent malpractice.
Mike Lynch, a prominent figure in UK tech, is remembered for his significant contributions. Often compared to Silicon Valley’s top entrepreneurs, his legacy includes elevating UK tech on the global stage. His passing is a solemn reminder of his impact, encouraging future entrepreneurs to build on his achievements.
These varied narratives paint a complex picture of the ethics and innovations shaping the UK tech industry in 2024.
