The Financial Conduct Authority (FCA) has enlisted the help of industry experts to help drive innovation in the fintech and regtech sectors.
The UK’s financial regulatory body has appointed seven advisors to a new Innovation Advisory Group (IAG) which will meet for the first time this month.
The IAG will also alert the FCA on key issues in financial technology and regulation technology, speed up initiatives, and identify areas of innovation in the financial services sector.
Experience in the group spreads across emerging technologies including artificial intelligence. Plus areas such as competition, digital markets, financial inclusion and sustainability. The members will support the FCA’s current plans and initiatives for 2023 as well as shape its innovation pathway to better serve businesses and consumers.
The advisory group will consist of the following rotating members for a minimum one-year term:
- Pinar Akman, professor of law & director at Jean Monnet Centre of Excellence on Digital Governance, University of Leeds
- Esra Kasapoglu, director of AI and data economy, Innovate UK
- Etay Katz, senior partner, financial regulation, Ashurst LLP
- Massimo Preziuso, lecturer in sustainable financial technology, University of Salford
- Ghela Boskovich, founder of FemTechGlobal as well as head of Europe at Financial Data and Technology Association (FDATA)
- Alastair Reed, principal policy adviser, Money – Which?
- Tom Bull, partner & head of fintech growth, Ernst & Young LLP
They will be joined by the following fixed members from trade associations:
- Phillip Mind, director of digital technology & innovation, UK Finance
- Adam Jackson, director of policy, Innovate Finance
- Jason Boud, co-founder & CEO – RegTech Associates
- Ian Waterworth, director of technology & operations, Association for Financial Markets in Europe (AFME)
- John Allan, head of innovation and operations unit, The Investment Association
The reaction
Howard Wimpory, KYC transformation director for Encompass Corporation, said: “It is encouraging to see the FCA continuing to push innovation in the financial services sector, bringing new initiatives to the fore to support the UK’s ambitious growth plans. With Tech Nation shutting down, now is the time for leaders to step up and steer the country, sector and businesses forward when it comes to promoting the development and adoption of new technology.
Boud posted on LinkedIn: “Privileged to be invited to join the FCA new Innovation Advisory Group. The IAG will provide early input into planned initiatives, bring to the FCA’s attention to key issues or concerns impacting the fintech and regtech sectors. By carrying out these functions, the IAG will help the innovation department achieve its objective of promoting competition in the interest of consumers.”
While Jackson also posted: “Looking forward to this group – and helping to provide industry input to the FCA’s innovation strategy.”
In July 2022, the FCA’s Innovation department announced it was setting up a new advisory group to deepen Innovation’s engagement with the industry. As well as this month, IAG will meet at regular intervals throughout the year.
