The FCA’s Regulatory Sandbox will move forward with industry support via Innovate Finance and a “FinTech bridges” programme will connect UK-based companies with global regulators it was announced at Innovate Finance Global Summit 2016. Speaking at the event, Sybenetix’s Wendy Jephson welcomed the additional support for companies delivering innovative solutions that help financial institutions become more transparent with greater efficiency. Participating in The FinTech Disruptor panel and interviewed on Breaking Banks radio from the Summit, Jephson said, “Regulatory pressures and costs are strategic issues that can be solved through a collaborative approach that adds business value and is replicable in multiple jurisdictions.”
The announcements made at IFSG 2016 followed the publication of the FCA Business Plan 2016/17 earlier in April that highlights how technology innovation should enable management of conduct, culture and governance. The report also stated that the FCA is moving forward with its RegTech strategy to reduce regulatory burden while delivering more effective compliance and risk tolerances.
Wendy Jephson picked up these themes at the Summit on the panel hosted by Eileen Burbidge, FinTech Envoy to the Treasury and CEO’s from Nutmeg, DueDill and Syndicate Room. After the panel it was announced that HM Treasury will work with UK Trade and Investment to establish “FinTech bridges”. This initiative will help FinTech firms expand internationally by putting UK-based innovative business in touch with the right regulators.
Breaking Banks Radio broadcast from the Summit and covered how financial firms can benefit from the growing collaborative regulatory environment with Lawrence Wintermeyer, CEO of Innovate Finance, Anju Patwardhan, Global Chief Innovation Officer at Standard Chartered Bank and Peter Jackson Head of Innovation and Group Santander. You can listen the programme broadcast on VoiceAmerica here.