Head of FinTech Hub, Bank of England
Category: Policy Makers & Regulatory Experts
During 2018 Cordelia established and led the Bank of England’s Fintech Hub, implementing an approach that recognises FinTech’s immense potential value to the UK, while balancing this against the need to protect the financial system. Cordelia set the Bank’s strategy on FinTech convincing those inside and outside the Bank that FinTech and financial stability can be mutually beneficial through easing frictions in the economy, such as costly cross-border payments. Specific impacts include allowing FinTech innovation to flourish in a way in which risks are mitigated.
The success of this approach is evidenced by FinTech firms choosing the UK. For example, the Bank of England has authorised 38 new banks since 2013, compared to one in the preceding 30 years. In addition, other central banks have replicated the Bank’s approach to fintech. Cordelia was also a key member of the Government’s Cryptoassets Taskforce that set the UK’s policy on cryptoassets.
Prior to her this role, Cordelia led the Bank’s Future of Money team and was responsible for research into the future of cash, cryptoassets and central bank digital currencies. At the Financial Services Authority, Cordelia supervised a number of banks and building societies during the financial crisis.