About a-team Marketing Services
The knowledge platform for the financial technology industry
The knowledge platform for the financial technology industry

A-Team Insight Blogs

Trade Body Calls for Stronger FinTech Regulatory Framework

Subscribe to our newsletter

While the UK has set the global standard for an effective and supportive approach to FinTech regulation, as the sector matures, change is needed to help launch more firms successfully into the global market, according to a new report from financial services trade association TheCityUK.

Regulatory hurdles remain a barrier and difficult to understand within the FinTech sector, it warns, calling for regulation to be consolidated and made more user friendly.

“The UK has enormous strengths in FinTech, with over 1,600 FinTech firms operating in the country. With the Covid-19 pandemic likely to fast-forward technological trends and adoption in all parts of the economy and globally, it is clear that the sector needs further regulatory support to take its growth to the next level,” urges Miles Celic, CEO at TheCityUK.

“The UK’s regulatory sandbox approach has been hugely successful and internationally acclaimed, but is starting to show limitations as the sector grows and matures. A broader framework needs to be developed with industry to reflect the expansion of the FinTech sector and ongoing regulatory development of maturing firms.”

The report asks for more support to help firms take the next step into international markets, both at the regulatory level, as well as the wider challenge of understanding market context, culture and legal frameworks.

In separate news, the FCA last week stated that it was “swiftly progressing plans” for a digital sandbox to allow firms to test products and services to tackle coronavirus-related challenges in a controlled environment, with applications expected to be opening soon for a summer programme.

“We will pilot these features and tools to support firms developing specific use cases, and will evaluate the effectiveness of the feature or tool through this pilot,” said the regulator.

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: The keys to ESG data management success

The transition to a more environmentally and socially sustainable world has created an urgent and strategic priority for the banking and capital markets sector. Driven by stakeholder pressures from investors, regulators and customers to prioritise ESG considerations in their corporate agenda, ESG has accelerated digital transformation and brought a renewed focus on firms to improve...

BLOG

ESG Data Industry Welcomes Latest UK Disclosure Guidance

New ESG data recommendations by the UK’s accounting watchdog have been welcomed by leading data providers and users, who said the guidance provides a clear pathway to better sustainability disclosures. The Financial Reporting Council’s FRC Lab said its guidance on the production of ESG data was necessary because the sustainability data space was “less mature”...

EVENT

A-Team Briefing: Cloud Innovation for Data Ops

This Innovation Briefing will explore approaches to data infrastructure transformation, technologies required and how to make sure processes are optimised to support real time data management. Hear from leading practitioners and innovative technology solution providers who will share insight into how to set up and leverage your data infrastructure to provide user access to consistent data and analytics, and companies the ability to monetise their data.

GUIDE

Entity Data Management Handbook – Sixth Edition

High-profile and punitive penalties handed out to large financial institutions for non-compliance with Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations have catapulted entity data management up the business agenda. So, too, have industry and government reports on the staggering sums of money laundered on a global basis. Less apparent, but equally important, are...