Treasury has launched a consultation seeking views on how financial services regulators support innovative technology and new business models. The innovation plan addresses how new technology is shaping financial services, how financial services regulators are adapting to new technologies and disruptive business models to encourage growth and how financial services regulators are better utilising new technologies to generate efficiency savings and reduce burdens on business. The paper looks at current regulatory initiatives and asks whether:
- the UK’s regulatory environment for financial services effectively supports innovation;
- financial services regulators understand innovation in financial services and potential areas where new technologies and disruptive business models might emerge in the sector;
- there are any gaps in approach or areas where financial services regulators should be doing more to support innovative technology and disruptive business models in financial services; and
- there is more that financial services regulators could do to better utilise new technologies to deliver their own work more effectively.
The consultation closes on 6 May. (Source: Treasury consults on draft innovation for financial services)