The Independent report on the UK Fintech sector by Ron Kalifa OBE has just been released by HM Treasury. My quick take in the context of Ethical Business Regulation:
The call for close working between the regulator and the regulated makes sense – as they suggest through ‘enhancing the Regulatory Sandbox, making permanent the digital sandbox pilot, introducing measures to support partnering between incumbents and fintech and regtech firms, and providing additional support for regulated firms in the
The comprehensive call for skills development is also welcome – 86 mentions no less across the report. And timely beyond FinTech of course (e.g. the World Economic Forum call for building a common language for skills).
Sobering is the fact that ethics is mentioned in passing, and only once. WireCard won’t be the last… There’s real and significant work to do here. Here’s a primer on Ethical Business Practice and Ethical Business Regulation for the taking.
Last but not least, the call for a Centre for Finance, Innovation and Technology is interesting. Does it risk duplicating efforts from the Centre for Financial Technology & Innovation at Leeds, the Centre for Alternative Finance at Cambridge etc. etc. I do hope they’ll coordinate with UK Research & Innovation.
Find the full report for your own reading here: