UK Fintech Regulation Needs to Grow with the Market
The UK fintech market is seen as one of the world’s best and their regulator, the Financial Conduct Authority (FCA), is seen as one of the most forward thinking regulators; the fintech sandbox approach has helped to nurture companies across the UK in a safe way but now more is needed; regulations are not easy to understand and regulators need to grow and change alongside the market; “The UK’s regulatory sandbox approach has been hugely successful . . . but is starting to show limitations as the sector grows and matures,” Miles Celic, Chief Executive of lobby group TheCityUK, said to the FT. “A broader framework needs to be developed with industry to reflect the expansion of the fintech sector and ongoing regulatory development of maturing firms.”; TheCityUK and PA Consulting have come up with an idea for a digital platform using synthetic financial data; guidebooks that better explain the UK regulatory environment and guidance from the FCA on overseas regulators could help fintechs as they grow beyond serving the UK. Financial Times.