The Financial Conduct Authority (FCA) has named the members of its Innovation Advisory Group, which will join as the group meets later this month.
According to FCA, the organisation’s aim was to establish an advisory group that could provide early input into planned initiatives, bring the FCA’s attention to key issues impacting the FinTech and RegTech sectors and identity opportunities for continued innovation.
The group will also be looking into collaboration between the industry and the regulator. By carrying out these functions, the IAG will help the Innovation department achieve its objective of promoting competition in the interest of consumers.
The FCA received 96 applications to join the IAG. Of those who were chosen include Innovate UK director of AI and data economy Esra Kasapoglu, Which? principal policy advisor for money Alastair Reed, Ashurst senior partner in financial regulation Etay Katz, and EY partner and head of FinTech growth Tom Bull amongst others.
Rotating members will join the IAG for one year minimum term and will work alongside a group of trade associations and a research firm who have been appointed to the IAG as fixed members.
These members include Innovate Finance director of policy Adam Jackson, UK Finance director of digital technology and innovation Adam Jackson, RegTech Associates co-founder and CEO Jason Boud and The Investment Association head of innovation and operations John Allan.
FCA said, “Our selected members bring a wealth of knowledge and experience in areas that are closely aligned to the Innovation department’s workplan for 2023, including artificial intelligence and other emerging technologies, competition, digital markets, financial inclusion, and sustainability.
“The group’s collective insights will help to shape the FCA’s view of innovation in financial services – resulting in better-informed internal decision making, and enhanced industry-facing initiatives that provide tangible value to innovators and consumers.”
The IAG is due to convene for the first time in February 2023 and will meet at regular intervals throughout the year.
Earlier this year, the FCA has fined Guaranty Trust Bank £7.8m for serious deficiencies in its AML systems and controls.
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