On Thursday 7th February, Onward held a roundtable with John Glen MP, Economic Secretary to the Treasury, on fintech, as part of our Harnessing Technology series.
This roundtable discussion highlighted the extraordinary opportunity for the UK to build upon its global reputation for technology and finance. There was an acknowledgment that there are a number of practical challenges that need to be overcome in order to achieve that ambition, but the UK is starting from sound foundations, including the need to roll out some of the open regulatory structures that have helped fintech to be so successful. Alongside this, the discussion highlighted the challenges faced by those with low levels of financial literacy or who are excluded from new forms of finance, and how best to reach those consumers.
The role of regulation in facilitating fundamental change came up repeatedly, with specific reference to the importance of the enhanced regulatory sandbox. The sandbox was praised for its role in opening up finance to innovation and supporting early stage fintech industries. The discussion also highlighted the wider role of the FCA in acting as a mediator between market freedom and secure regulation.
The event was held under Chatham House Rule but please contact [email protected] for more details on our Harnessing Technology series.