Morning, Thursday, 2nd April 2020
THIS EVENT IS CPD CERTIFIED
This seminar will consider key issues for the future for UK fintech.
Discussion will focus on:
- the regulatory response to new innovative financial products, platforms, and models; and
- priorities for the growth of the sector.
The seminar is timed to follow the expected publication of the FCA’s future of regulation principles review.
It also follows Chief Executive Andrew Bailey’s comments that the Authority needs more resources to adapt regulations to address concerns around the increasing use of AI, big data, and crypto-assets.
It also be an opportunity to discuss a range of work being taken forward by the FCA in relation to fintech, including:
Innovation and regulation in financial services
Delegates will discuss the appropriate regulatory response to new financial technologies, and the potential benefits and negatives for business and consumers.
It comes with concerns that - while also ensuring that the regulatory regime does not unduly burden the ability of firms to grow and innovate - the accelerating use of digital platforms may:
- increase the risk of consumers being mis-sold products;
- expose them to more financial scams; and
- shut out digitally-excluded consumers.
The seminar follows the Bank of England’s Future of Finance report and its commitment to support digital payments, develop a regtech and data strategy, and utilise new technologies, such as the cloud and AI, to support firms to increase their operational resilience.
Sessions will consider what else is needed from policymakers and regulators to support the adoption of new innovations to enhance their capabilities in areas such as resilience and financial crime.
Growing UK fintech domestically and internationally
Sessions will also discuss the future growth of UK fintech in light of Brexit.
It follows the Government’s UK FinTech State of the Nation white paper which aims to support overseas investment in UK fintech, and comes as the Government is expected to publish its International Finance Strategy which aims to support the expansion of UK financial services post-Brexit.
Delegates will consider key priorities for supporting the export of UK fintech including options for:
- expanding the existing fintech bridges to Australia and Singapore;
- developing further bridges and access to key international markets; and
- maintaining London’s position as a leading exporter of fintech to the EU post-Brexit.
The agenda will also consider what more needs to be done to develop the domestic growth of fintech throughout the UK, including issues around:
- regional development;
- removing barriers to market entry, growth, and collaboration; and
- attracting and developing the skills needed to support growth.