The Fintech Times quotes Mark Bailey on Labour’s plan for financial services
The Labour Party's Financial Services Review outlines the party’s measures to boost the UK financial sector under a possible future Labour administration.
Its six policies prioritise fostering growth in regional financial centres, enhancing international competitiveness through innovative regulation and EU collaboration, strengthening consumer protection , financial inclusion and tackling fraud, promoting green investments and regulation, embracing fintech innovation, AI, open banking and digital currencies, as well as revitalising capital markets through pension reforms and supporting venture capital.
Mark Bailey, Partner, comments:
Labour's plan looks positively beyond the immediate contribution of financial services. It acknowledges that our financial sector plays a pivotal role in financing the transition to a net-zero economy and facilitating the growth and scalability of innovative green technologies through avenues such as lending, investment, and insurance. The success of the sector should rightfully be associated with the overarching goal of improving the economy and enhancing the lives of citizens.
A critical aspect highlighted in the paper is the importance of regulatory consistency, which is essential for both fintech companies and suppliers of technology to regulated firms. The paper's conclusion recognises that a strong and innovative financial sector has historically underpinned the UK's economic success in past centuries and can continue to do so in the future. From a technology perspective, Fintech operates on an international scale, necessitating alignment with other key regulations, particularly in the US and EU, such as the Digital Operational Resilience Act. AI and cyber regulation will also need to be closely considered and aligned to ensure a safer future for the UK.
Read the full article in The Fintech Times here.
