The Financial Conduct Authority (FCA), a UK financial regulatory body, has appointed seven advisors to a new Innovation Advisory Group (IAG) which will meet for the first time this month.
The IAG has been set up to alert the FCA on key issues in FinTech and RegTech, accelerate initiatives, and identify areas of innovation in the financial services sector.
The group’s experience spans artificial intelligence and other emerging technologies, competition, digital markets, financial inclusion, and sustainability, to support the FCA’s current plans and initiatives for 2023 and shape its innovation pathway to better serve businesses and consumers.
Howard Wimpory, KYC Transformation Director for Encompass Corporation, commented: “It is encouraging to see the FCA continuing to push innovation in the financial services sector, bringing new initiatives to the fore to support the UK’s ambitious growth plans. With Tech Nation shutting down, now is the time for leaders to step up and steer the country, sector and businesses forward when it comes to promoting the development and adoption of new technology.
“Many organisations are looking to digital transformation and moving forward in their journeys, and so cultivating an environment that supports innovation is more important than ever. For the UK to achieve its aim of becoming ‘the next Silicon Valley’, we must continue to see tangible action from institutions and industry bodies, alongside support and investment coming from the business economy, to drive solution adoption.
“Leveraging solutions such as Know Your Customer (KYC) automation can have a significant impact on business processes, and on the wider landscape. Not only is technology key to tackling the growing issue of financial crime by transforming compliance, but turning to automation also frees staff up to work on the most high-impact activity, boosting business productivity and profitability.
“Embracing the next wave of technology is a vital step for the financial services industry.”
The advisory group will consist of the following rotating members for a minimum one-year term:
∙ Pinar Akman, Professor of Law & Director at Jean Monnet Centre of Excellence on Digital Governance – University of Leeds
∙ Esra Kasapoglu, Director of AI and Data Economy – Innovate UK
∙ Etay Katz, Senior Partner, Financial Regulation – Ashurst LLP
∙ Massimo Preziuso, Lecturer in Sustainable Financial Technology – University of Salford
∙ Ghela Boskovich, Founder of FemTechGlobal & Head of Europe – Financial Data and Technology Association (FDATA)
∙ Alastair Reed, Principal Policy Adviser, Money – Which?
∙ Tom Bull, Partner & Head of FinTech Growth – Ernst & Young LLP
They will be joined by the following fixed members from trade associations:
∙ Phillip Mind, Director of Digital Technology & Innovation – UK Finance
∙ Adam Jackson, Director of Policy – Innovate Finance
∙ Jason Boud, Co-Founder & CEO – RegTech Associates
∙ Ian Waterworth, Director of Technology & Operations – Association for Financial Markets in Europe (AFME)
∙ John Allan, Head of Innovation and Operations Unit – The Investment Association