Robin Fieth, Chief Executive of the Building Societies Association comments on the appointment of the new FinTech Envoys announced by the Chancellor, Right Hon Philip Hammond MP in his speech at the International FinTech Conference today:
In his speech, Philip Hammond said:
“So today I’m proud to launch our new strategy for the FinTech sector.
As part of which, I’m pleased to announce that the FCA and Bank of England will take the first steps towards automating regulatory compliance…
…reducing costs for financial services firms, and removing a key barrier for fintechs as they enter financial services markets.
A new code of industry standards will make it easier and cheaper for fintechs to partner with established financial service providers…
…both boosting the ability of banks to offer new services, and helping fintechs to find a ready market for their products.
And we’re appointing new envoys to England, Wales and Northern Ireland to promote the adoption of fintech by regional banks and building societies, complementing the work of the existing Scottish envoys.”
Robin Fieth, Chief Executive, Building Societies Association commented:
“The Government’s focus on fintech and how innovation in financial services can be supported is welcome. Digital technology is evolving rapidly and we are seeing considerable investment amongst building societies as they partner with a range of technology firms to benefit their members. Maintaining consumer trust as new opportunities are adopted is essential and we will work with the new FinTech Envoys to achieve this.”
Notes to Editors:
Examples of recent developments include: