FCA Sets up Innovation Advisory Group to Keep up With Fintech and RegTech Innovations

The Financial Conduct Authority has appointed seven experts from academia, finance, and tech sectors to its Innovation Advisory Group.

They are appointed on a rotating basis and will join the FCA’s advisory group for one-year minimum term.

The new members will work alongside a group of trade associations who have been appointed to the IAG as fixed members.

The Innovation Advisory Group is expected to support the regulator with initiatives and proposals relating to the FinTech and RegTech sectors.

The body will also help the FCA’s Innovation Department achieve its objective of promoting competition in the interest of consumers as well as identifying opportunities for continued innovation in financial services.

In July 2022, the Innovation Department announced plan to set up a new advisory group to deepen the regulator’s innovation engagement with the industry.

(Source: Money Marketing)