Charlotte Crosswell responds to publication of Future of Finance Report

On Thursday 20th June, Huw van Steenis, a senior advisor to the Governor of the Bank of England, released his report on the future of finance.

Following the publication and response from the Bank of England, Charlotte Crosswell, CEO of Innovate Finance, commented:

“The Future of Finance report underscores why the UK has carved out such a unique role in the global financial services landscape, and has solidified its reputation as a leader in financial innovation. British regulators have set out to not stifle innovation, but instead actively encourage, enable and support it – helping create the perfect environment for it to thrive.

“Opening access to new types of payment providers shows a real coming of age moment for FinTech, taking it to a new level of trust and acceptance. This, coupled with the Bank’s initiative to actively explore how to support the adoption of new tech, such as cloud, AI and ML, shows it is looking to listen and learn alongside the industry.

“It is fantastic to see further support for SMEs. Giving lenders the opportunity to make real use of the power of Big Data will provide them with increased access to loans at more competitive rates.

“Regtech is gaining traction as an exciting field that is improving accuracy and efficiency for regulators and institutions alike. We have many members in this field of FinTech who are already offering and developing cutting edge solutions, and fully expect the trend to continue.

“We are delighted that regulators are keeping in step with the times, as this approach has propelled the UK to the forefront of financial services innovation, and allowed us to consistently maintain that position.”