Innovate Finance chief says regulatory reform will help build fintech prowess
Janine Hirt, chief executive of Innovate Finance, has welcomed the chancellor’s Mansion House speech earlier this week, saying that he set out important next steps to strengthen the UK’s position in fintech.
The newly appointed Chancellor Nadhim Zahawi highlighted the importance of the Financial Services and Markets Bill, which was introduced on 19 July, in his maiden speech at Mansion House.
In addition to repealing many pieces of EU law, the bill expands the responsibilities of the Financial Conduct Authority.
Read more: UK fintech investment grows despite global slowdown
In Hirt’s opinion, the bill will introduce “welcome competitiveness objective for regulators”. She also said enabling regulators to bring crypto-assets and stablecoins into their remits would be a positive development.
“Together, these will form the basis for the UK to continue creating the best regulatory environment in the world for innovation – including crypto – to flourish and for consumers to benefit,” she said.
She argued that the Austin review – which recommended capital raising reforms for UK companies listed on capital markets – would provider further stimulus for fintech growth.
“A new regulatory approach, unlocking investment, creating a proportionate regime for stablecoin and crypto-assets, and building fully digital capital markets – all these components will play an integral part in the next phase of the UK building on its remarkable global fintech prowess,” Hirt added.
Read more: Innovate Finance’s Janine Hirt: We’re in a “new chapter” for P2P lending
