Policy Update — Week of the 20th February
Innovate Finance will be hosting its first Transatlantic Policy Working Group (TPWG) of 2017 in Washington on Wednesday 1st March, focussing on the potentially transformative impact of RegTech.
The group will be looking to facilitate discussion amongst key FinTech, financial services, public policy, political and academic stakeholders, and intends to publish a whitepaper in the first half of 2017 on the role of RegTech in dealing with US regulatory complexity, which in turn will be presented at a Regulatory Summit in Washington in June 2017.
To read a briefing on the group’s RegTech work for this year, click here. And should you wish to input please contact us here.
Call to Action
The UK’s first FinTech Census
The FinTech Census is a world-first initiative that seeks to create an accurate fact-base for the UK FinTech sector and to attract the attention of policymakers and investors alike.
Accordingly, HM Treasury have asked Innovate Finance together with EY to help deliver this project, providing the FinTech industry with: a set of sector benchmarks, a clearer picture of what policy can help support the growth of sector, and promoting UK FinTech to international investors.
You should have already received the online census to complete, and return by Wednesday 8th March. However, for any further information please contact us here.
Policy News
- The British Business Bank (BBB) released its small business finance market report 2016/7, showing that whilst credit conditions for small business continue to improve, market issues remain such as regional imbalances in scale-up funding. Though efforts are underway to actively support startups through £400m in additional VC funding from the BBB.
To see an infographic on key findings click here, and for the full report click here. - Andrea Enria, Chairman of the EBA, delivered a speech earlier this week on the forthcoming PSD2 Regulatory Technical Standards (RTS). In this, he mentioned a relaxation in the proposed rules around ‘strong customer authentication’ and the prohibition of ‘screen-scraping’ i.e. third party access of data without identification. The question is whether this will hamper innovation, in advance of banks providing ‘the same level of availability and performance as the (previous) interface’?
To read the full speech click here.
