UK:
Role Of The UK Financial Conduct Authority Is To Support FinTech Disruption
08 October 2015
Reed Smith (Worldwide)
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Jacqui Hatfield and Melanie Shone have recently written an
article titled The FCA and FinTech: playing by the rules to
support FinTech disruption, examining the role of the UK
Financial Conduct Authority (FCA) in supporting the disruptive
innovation of FinTech.
The UK has one of the largest concentrations of emergent FinTech
companies in the world and there is strong political will for the
UK to become the "premier location for financial technology
businesses by 2020″. The article examines whether the FCA is
doing enough to support this goal. The authors conclude that:
Given the pace of innovation in the FinTech space, it is
essential that regulatory rules are as technologically neutral and
forward thinking as possible – and that these are combined
with proactive industry engagement and appropriate practical
guidance from the FCA to provide much-needed regulatory
certainty... We'd like to see the FCA as a whole engage with
FinTech innovation – and with all market players, especially
larger established financial institutions.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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