Consultation paper on draft innovation arrange for financial services
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The federal government announced with its Productivity Plan 2015 that departments is going to be necessary to work with regulators to write innovation plans by spring 2016. This announcement reflects the main element government try to ensure the UK is supporting the growth of new business models and disruptive technologies, wearing down barriers to entry and boosting productivity. To achieve this the UK’s regulation and enforcement frameworks must certanly be agile adequate to respond flexibly to continuing developments in new technologies and business that is disruptive.
The objective of this consultation is to set out ongoing and proposed work to foster a supportive regulatory framework for financial services which allows innovation to flourish.
The innovation plan covers the job associated with the services that are financial: Financial Conduct Authority (FCA ), Payment Systems Regulator (PSR ), Prudential Regulation Authority (PRA ) while the wider Bank of England.
The innovation plan covers three issues that are key
How new technology is shaping financial services How financial services regulators are adapting to new technologies and disruptive business models to encourage growth How financial services regulators are better utilising new technologies to come up with efficiency savings and reduce burdens on business