“Fragmented rules” and “regulatory complexity” are slowing down the release of financial products, according to Technology Secretary Peter Kyle.
Speaking at the financial conference City Week, Kyle announced the recently formed Regulatory Innovation Office, an agency tasked with cutting red tape and improving efficiencies among regulators, would target restrictions that he claimed were holding back innovation in fintech.
The Regulatory Innovation Office (RIO) is set to partner with the Digital Regulation Cooperation Forum to develop tools for fintech businesses to navigate financial regulations. Tools will include a “unified digital library”, providing access to all digital policy and regulation.
“The UK is a genuine world leader in both financial services and technology, and in the intersection between the two – fintech – but for far too many companies, the complex regulatory environment can be challenging to navigate.
“Our Regulatory Innovation Office will work to remove those hurdles, to help innovators unlock new products that could drive economic growth – delivering on our Plan for Change.”
The RIO had previously prioritised four technology areas: bioengineering, AI and digital in healthcare, space tech and autonomous technologies.
The group’s new focus on the fintech sector suggests potential policy changes from relevant regulators. The Financial Conduct Authority (FCA) has already been exploring how AI can be incorporated into financial services through schemes such as its AI Sprint.
“The Digital Regulation Cooperation Forum is committed to breaking down barriers for innovators by making digital regulation simpler to find, understand and navigate,” said Digital Regulation Cooperation Forum chief executive Kate Jones.
“Our member regulators – Ofcom, the Competition and Markets Authority, the Information Commissioner’s Office, and the Financial Conduct Authority – are working together in support of their common vision: that regulation should enable responsible innovation.
“This new user-friendly tool will help businesses and investors to find and understand digital regulation more easily and quickly.”
Register for Free
Bookmark your favorite posts, get daily updates, and enjoy an ad-reduced experience.
Already have an account? Log in
