Nikhil Rathi, CEO at the FCA, spoke at UK FinTech Week on innovation in the service of consumers and the market. Highlights include:
- success in financial innovation has been enabled by regulatory open-mindedness;
- support for innovation has been matched by action to protect consumers and markets;
- FCA will be taking forward the Kalifa Review’s recommendation for a Scalebox, including the creation of a regulatory nursery;
- online search and social media firms need to take greater responsibility for their role in connecting consumers with investment offers; and
- FCA needs to ensure that its internal processes allow for quick action, which is why it is currently reviewing how its Regulatory Decisions Committee functions.