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The us government announced in its Productivity Plan 2015 that departments is likely to be required to work with regulators to create innovation plans by spring 2016. This announcement reflects one of the keys government aim to ensure the UK is supporting the development of new business models and disruptive technologies, breaking down barriers to entry and boosting productivity. To do this the UK’s regulation and enforcement frameworks must be agile enough to respond flexibly to continuing developments in new technologies and disruptive business models.
The objective of this consultation would be to set out ongoing and proposed work to foster a supportive regulatory framework for financial services that enables innovation to flourish.
The innovation plan covers the job of the financial services regulators: Financial Conduct Authority (FCA ), Payment Systems Regulator (PSR ), Prudential Regulation Authority (PRA ) in addition to wider Bank of England.
The innovation plan covers three issues that are key
- How technology that is new shaping financial services
- How financial services regulators are adapting to new technologies and business that is disruptive to encourage growth
- How services that are financial are better utilising new technologies to build efficiency savings and minimize burdens on business
This consultation invites comment on the task of financial services regulators to guide innovative technology and disruptive business models. We would also want to understand where there can be gaps in regulatory approach with regards to supporting innovation.
Draft innovation plan for financial services
2.1 Innovation and regulation
The government’s vision is for UK financial services to end up being the most acceptable and innovative in the world, delivering greater choice and value for consumers.
The federal government has recently taken significant action to reach this vision. This includes:
Creating the best environment that is regulatory particularly crucial that you make sure that innovative firms can compete and grow.