HM Treasury has published a consultation paper on an innovation plan for financial services. The purpose of the consultation is to set out on-going and proposed work to foster a supportive regulatory framework for financial services that allows innovation to flourish. The innovation plan covers the work of the financial services regulators: FCA, PRA, Payment Systems Regulator and the wider Bank of England.
The innovation plan covers three key issues:
- how new technology is shaping financial services;
- how financial services regulators are adapting to new technologies and disruptive business models to encourage growth; and
- how financial services regulators are better utilising new technologies to generate efficiency savings and reduce burdens on business.
The deadline for comments on the consultation paper is 6 May 2016.
View HM Treasury consults on innovation plan for financial services sector, 22 April 2016