UK:
The FCA's Project Innovate: A Road To FinTech-Success Or Regulatory Cul-De-Sac?
07 January 2016
Reed Smith (Worldwide)
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Jacqui Hatfield and Melanie Shone have recently published an
article in Finance Monthly, examining the performance of
the FCA's Project Innovate.
The authors caution that "any new rules, specific to a
particular technology, may quickly become obsolete as the pace of
development in the FinTech space outstrips the speed of regulatory
response. It is therefore essential that regulatory rules are as
technologically neutral and forward thinking as possible –
and that these are combined with proactive industry engagement and
appropriate practical guidance from the FCA to provide much-needed
regulatory certainty and clarity to the industry".
The authors foresee a bumpy road ahead as industry participant
and regulators navigate the potential conflicts between regulatory
aims and disruptive FinTech innovation.
A full copy of the article for Finance Monthly can be accessed
on page 20 here.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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