Treasury consults on banking regulators' support of IT innovation

The Treasury has announced a 14-day consultation looking at how the work of financial services regulators supports innovative technology and new business models and identifying any gaps

The innovation plan consultation covers the work of the financial services regulators: Financial Conduct Authority (FCA), Payment Systems Regulator (PSR), Prudential Regulation Authority (PRA) and the wider Bank of England.

The Treasury says the purpose of the consultation is to set out ongoing and proposed work to foster a supportive regulatory framework for financial services that allows innovation to flourish, by being agile enough to respond flexibly to continuing developments in new technologies and disruptive business models.

It asks four specific questions, covering 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; and
  • financial services regulators should be making better use of new technologies to deliver their own work more effectively.

The Treasury consultation on a draft innovation plan for financial services closes on 6 May 2016.

Pat Sweet |Reporter, Accountancy Daily [2010-2021]

Pat Sweet was the former online reporter at Accountancy Daily and contributor to the monthly Accountancy magazine, pub...

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