Peter Kyle, the secretary of state for science, innovation and technology, has announced plans for new tools designed to help FinTechs navigate the complex regulatory landscape.
The government’s Regulatory Innovation Office (RIO) is partnering with the Digital Regulation Cooperation Forum (DRCF) to develop the new tools, which will include evaluating a unified digital library for ‘one stop’ access to digital policy and regulations.
The move comes as the Department for Science, Innovation and Technology (DSIT) says that fragmented rules and regulatory complexity currently slow down innovation and delay safer products reaching the public. This can be particularly tough for smaller companies which often don’t have compliance teams or experts.
The new tools are designed to “cut red tape”, making it easier for FinTechs to bring products to the market, which attracted $3.6 billion of investment last year.
“The UK is a genuine world leader in both financial services and technology, and in the intersection between the two – FinTech – but for far too many companies, the complex regulatory environment can be challenging to navigate,” said Peter Kyle. “Our Regulatory Innovation Office will work to remove those hurdles, to help innovators unlock new products that could drive economic growth – delivering on our Plan for Change.”
The new tools follow an announcement by the Financial Conduct Authority (FCA) in April for the launch of a new portal to make the reporting process easier for firms.
Financial services providers can now access ‘My FCA’ as a single point of sign in for regulatory reporting tasks, including submitting regulatory data and paying fees.
Firms previously needed to sign into three different systems to complete their reporting duties.
The UK government announced in March that the PSR would be abolished, with its operations merging with the FCA as part of prime minister Keir Starmer’s drive to cut red tape and stimulate economic growth.
