The Bank of England has published a speech given by its Governor, Mark Carney. The speech is entitled The promise of FinTech – something new under the sun?
In his speech Mr Carney discusses some the benefits and financial stability issues that FinTech brings. Among other things a number of conduct issues associated with new products and services offered by FinTech need to be addressed. These include client suitability and anti-money laundering. Mr Carney also mentions that the Financial Stability Board (FSB) is considering financial stability issues associated with FinTech and drawing on a stocktake of national approaches, it is assessing the extent to which these risks are addressed by existing regulatory frameworks. The FSB is to report its findings to the G20 summit in July to promote the G20’s broader objectives for financial inclusion and strong, sustainable and balanced growth.
View The promise of FinTech – something new under the sun?, 25 January 2017