24. May 2018 India92°F

FCA chief details business plan to boost fintech and innovation


The head of British regulatory body, the Financial Conduct Authority (FCA), yesterday set out his organisation’s business plan for the year ahead, with particular emphases on innovation and the nascent fintech sector.

Andrew Bailey, the FCA’s chief executive, explained his a speech: “Fintech and Big Data are transforming financial services. We will seek to maintain a regulatory environment where consumers and firms can maximise the opportunities of competition, innovation and Big Data while ensuring consumers don’t suffer harm as a consequence of those innovations. Particularly exciting over the coming months will be our work with fellow regulators on a blueprint of the global sandbox – in which innovative firms can test in multiple jurisdiction, minimising time to market.”

‘Transforming financial services’
Bailey’s speech follows the publication of the FCA Business Plan last month, which also established the regulator’s renewed focus on fintech and its benefits. The report said: “Technology has the potential to increase competitiveness, support innovation and efficiency, transform firms’ activities and shape consumer and counter-party access to products and services … fintech firms are challenging traditional financial business models and are likely to play a key role in firms moving towards less capital-intensive business models, where (after the initial investment) firms benefit from economies of scale with lower ongoing costs.”

Innovation, big Data, technology and competition form one of seven priority points for the FCA over the coming year. Bailey said in his speech, “Fintech and Big Data are transforming financial services. We will seek to maintain a regulatory environment where consumers and firms can maximise the opportunities of competition, innovation and Big Data while ensuring consumers don’t suffer harm as a consequence of those innovations. Particularly exciting over the coming months will be our work with fellow regulators on a blueprint of the global sandbox – in which innovative firms can test in multiple jurisdiction, minimising time to market.”

Let’s block ads! (Why?)



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *