The leading knowledge platform for the financial technology industry
The leading knowledge platform for the financial technology industry

A-Team Insight Blogs

The Future of Transatlantic Regulatory Cooperation: Antony Phillipson

As the RegTech Summit Virtual 2020 fast approaches, we are so pleased to welcome Antony Phillipson, Her Majesty’s Trade Commissioner for North America and Consul General in New York on Day Three (November 18) for a special Keynote speech and Q&A to discuss a possible Brexit UK-US FTA and outline the future of transatlantic regulatory cooperation. We caught up with him before the event to learn more about the treat in store…

“The UK is one of the world’s great financial services centers, but it keeps changing, and the story keeps evolving,” he told RegTech Insight. “What we work very hard to do is to make sure that we’re creating the right sort of ecosystem within the UK to incentivize and attract innovative start-ups and give them a place to grow and to flourish.

“When it comes to both RegTech and FinTech, the UK is a world leader. FinTech, to simplify is prompted by innovative solutions to serving customers’ needs, while RegTech is an interesting solution to the necessary regulatory response to events such as the global financial crisis and other regulatory challenges. In fact, I think it was the FCA that first coined the specific term RegTech in terms of exploiting technology to help firms manage compliance issues.”

Phillipson is looking to deepen the partnership between the UK and the US in a post-Brexit world, and sees enormous possibilities in collaboration within the FinTech and RegTech space.

“We are looking to develop this partnership in several ways, one of which is through the free trade agreement and negotiations, which will certainly include a focus on financial services market access. Alongside that, we’re also pursuing regulatory cooperation and collaboration in a couple of ways. One is through a Financial Services Regulatory Working Group that was set out by the two Treasuries in March 2018. Specifically within that, they launched a Financial Innovation Partnership last year to build and deepen these bilateral engagements on emerging trends in financial services, and stimulate innovation between the two countries. So we are looking to start from a strong platform.”

To learn more about the potential US/UK trade partnership, and to hear the full speech from Anthony Phillipson, don’t forget to sign up for your place at our upcoming RegTech Summit Virtual 2020, from November 16-20.

Related content

WEBINAR

Upcoming Webinar: Meeting the requirements of the EU’s ESG Disclosure Regulation

Date: 14 October 2021 Time: 10:00am ET / 3:00pm London / 4:00pm CET Duration: 50 minutes The EU Sustainable Finance Disclosure Regulation (SFDR) is central to the European drive towards a sustainable financial market. As such, it is complicated and multi-faceted, and makes rigorous demands on financial firms to source large volumes of ESG data...

BLOG

TruNarrative Brings Identity Verification Solution to Small Businesses

Leeds-based Enterprise RegTech TruNarrative has launched a brand new, low-cost client verification and regulatory compliance solution for the legal, investment, accountancy and Rreal estate sectors in a bid to solve and streamline the KYC and KYB challenge for smaller firms. TruPortal is a platform designed specifically for low-volume users, offering KYC and AML solutions including AI-driven...

EVENT

Data Management Summit USA Virtual

Now in its 11th year, the Data Management Summit USA Virtual explores the shift to the new world where data is redefining the operating model and firms are seeking to unlock value via data transformation projects for enterprise gain and competitive edge.

GUIDE

Entity Data Management Handbook – Seventh Edition

Sourcing entity data and ensuring efficient and effective entity data management is a challenge for many financial institutions as volumes of data rise, more regulations require entity data in reporting, and the fight again financial crime is escalated by bad actors using increasingly sophisticated techniques to attack processes and systems. That said, based on best...