On 20 July 2016, Christopher Woolard, the Director of Strategy and Competition at the FCA, delivered a speech at the London FinTech Week 2016 focusing on innovation in RegTech.
Key points raised by Mr Woolard include:
- the FCA’s work on innovation being integral to its duty to promote competition in the interests of consumers
- the launch of Project Innovate in October 2014 having provided support to nearly 300 firms who presented innovative ideas that were in the interests of consumers
- the FCA’s particular interest in working with those involved in developing technologies to improve regulatory reporting and data sharing - so called 'RegTech'.
Mr Woolard also highlighted another area of priority to the FCA – anti-money laundering (AML). He encouraged the industry to establish innovation methods of addressing concerns regarding AML, and confirmed that the FCA is currently at the early stage of scoping some work to see what technological solutions might be exploited for this purpose.
Lastly, Mr Woolard discussed the global scale of FinTech and RegTech. He stated that the FCA is working to build closer international cooperation to ensure that UK firms can grow to a global scale and that the FCA remains committed to promoting competition and fostering world-class innovation.