FCA’s Director of Competition has spoken at the Organisation for Economic Co-operation and Development. She gave an overview of the fintech sector before going on to discuss how FCA fits into this landscape as a regulator and how it seeks to encourage innovation in line with the objectives of its subsidiary, the PSR. She gave examples of disruptive innovation such as crowdfunding and blockchain technology and highlighted six key themes of these developments:
- cheaper models;
- technology changing the role of human experts;
- new markets and functions;
- easier payments;
- regulatory tech and “bank in a box”; and
- big data.