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: GenAI and LLM case studies for Surveillance, Screening and Scanning

As Generative AI (GenAI) and Large Language Models (LLMs) move from pilot to production, compliance, surveillance, and screening functions are seeing tangible results – and new risks. From trade surveillance to adverse media screening to policy and regulatory scanning, GenAI and LLMs promise to tackle complexity and volume at a scale never seen before. But...

BLOG

Diginex Labour Rights Expert Acquisition Highlights ESG Data Shift to Risk

Sustainability data and RegTech provider Diginex’s recent acquisition of The Remedy Project labour and human rights advisory illustrates how ESG is transforming from an investment strategy to a risk mitigation objective among financial companies. The London-based company, which last year purchased sustainability data and analytics provider Matter DK, anticipates that the The Remedy Project’s expertise...

EVENT

TradingTech Summit London

Now in its 15th year the TradingTech Summit London brings together the European trading technology capital markets industry and examines the latest changes and innovations in trading technology and explores how technology is being deployed to create an edge in sell side and buy side capital markets financial institutions.

GUIDE

Trading Regulations Handbook 2022

Welcome to the third edition of A-Team Group’s Trading Regulations Handbook, a publication designed to help you gain a full understanding of regulations that have an impact on your trading operations, data and technology. The handbook provides details of each regulation and its requirements, as well as ‘at-a-glance’ summaries, regulatory timelines and compliance deadlines, and...