Late last month, Innovate Finance, an industry body for FinTech firms in the UK, announced the launch of a Regulatory Technology (RegTech) Strategy Group in partnership with the City of London Corporation and EY, as reported by FinTech Finance News.
To be chaired by EY Partner Chris Woolard, the Group will seek to drive collaboration between regulators, government, RegTech firms, and financial institutions to address key challenges facing the sector. Its work will focus on financial crime, digital ID, cross-border transactions, and streamlining regulatory reporting. In addressing these topics, the Group will also look to bolster the UK's economic growth agenda and support its position as a global financial center.
"The UK is a global leader in financial services regulation and the technology that underpins it," said Woolard, who previously served as Interim CEO of the UK Financial Conduct Authority. "As markets increasingly digitalize, RegTech has a vital role to play, and there is a real opportunity for UK companies to play a leading part in how it develops. I am honoured to be chairing this new RegTech Strategy Group, and look forward to building on the foundations created by Innovate Finance and the City of London Corporation."
In a piece contributed to Starling's 2021 Compendium, Chris Woolard argued for what he called "outcomes-based regulation." That is, regulation aimed at achieving good outcomes, utilizing a mix of principles and rules, rather than getting bogged down in an overly prescriptive and specific regime.
"There will be risks and multiple trade-offs that regulators, governments, firms and ultimately consumers will need to navigate and resolve," Woolard wrote. "But by establishing clearly defined outcomes we aim for, and agreed principles by which they are to be achieved, we will enable the detailed rules that many firms will need in order to act with confidence." ▸ Read More
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