The FCA is taking its efforts in the FinTech and RegTech area to the next level as indicated in a speech by a senior official.
Christopher Woolard, Executive Director of Strategy and Competition at the FCA, delivered a speech today at the Innovate Finance Global Summit that outlines the next stage of Project Innovate.
The speech is entitled “Innovating for the future” that focused on the past and future efforts of the British regulator to promote innovation in financial services.
The highlights of the speech are:
- Project Innovate aims to tackle regulatory barriers to allow firms to innovate in the interest of consumers. Demand from firms for the FCA’s support continues to be high.
- As a forward-looking regulator, the FCA is constantly evolving its approach. To reflect the growing reach of its work, Project Innovate is now entering a new phase.
- Central to this will be working with international partners to develop a common understanding of the principles of good innovation.
- The FCA will also increase its engagement with regional FinTech hubs, bringing our people to firms around the country.
In particular the last point will mean an increased engagement on the side of the regulator similar to collaboration with traditional financial institutions.
The full speech and related information can be found here.