HM Treasury has published a Regulatory Innovation Plan (the Plan).
The Plan covers how financial services regulators are adapting and encouraging new technologies and disruptive business models, and better utilising new technologies to reduce regulatory burdens on business.
In terms of looking ahead the Plan notes that the FCA is undertaking a wide range of work streams to further embed innovation and competition within its approach. This includes the following:
- since September 2015 the FCA has facilitated a series of themed weeks, designed to stimulate intense engagement with stakeholders interested in a particular area of innovation. The first of these events focussed on robo-advice, and the second on innovation in payments. Over the coming months the FCA will be holding themed weeks on InsurTech and Blockchain;
- the FCA is implementing a smarter consumer communications initiative that is intended to bring about a change in the way information is both communicated and delivered to consumers;
- the FCA is working with the Government to bring digital currency exchanges into the scope of anti-money laundering regulation;
- the FCA is working with HM Treasury to implement the revised Payment Services Directive; and
- the FCA is working with HM Treasury to assess inhibitors to bringing digital identity to financial services.
View HM Treasury regulatory innovation plan, 4 April 2017