Government Pledges to Back UK Fintech with Regulation Overhaul

UK launches regulatory innovation office to boost fintech growth

The UK government has announced a new initiative to streamline digital regulation and boost innovation in the country’s fintech sector A new partnership between the Regulatory Innovation Office (RIO) and the Digital Regulation Cooperation Forum (DRCF) aims to streamline the regulatory process, simplify compliance, and accelerate the development of new technologies across financial and consumer services. New push to simplify regulation for fintec…

Regulation is slowing down fintech, says Tech Secretary

“Fragmented rules” and “regulatory complexity” are slowing down the release of financial products, according to Technology Secretary Peter Kyle. Speaking at the financial conference City Week, Kyle announced the recently formed Regulatory Innovation Office, an agency tasked with cutting red tape and improving efficiencies among regulators, would target restrictions that he claimed were holding back innovation in fintech. The Regulatory Innovatio…

Government pledges to back UK fintech with regulation overhaul

The government has pledged a regulation shakeup to support UK fintech as it seeks to slash the red tape blocking innovation. Speaking at City Week, technology secretary Peter Kyle said the government’s new Regulatory Innovation Office (RIO) would develop new smart tools to make navigating regulatory procedures “faster, clearer and more accessible”. This will include the use of AI to streamline regulation processes and simplify how fintech firms …