Buy Custom Research Paper through the Best Service

Buy Custom Research Paper through the Best Service

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Consultation paper on draft innovation plan for financial services

Consultation paper on draft innovation plan for financial services

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The government announced in its Productivity Plan 2015 that departments is likely to be expected to make use of regulators to publish innovation plans by spring 2016. This announcement reflects the important thing government aim to ensure the UK is giving support to the development of new business models and disruptive technologies, breaking down barriers to entry and boosting productivity. To do this the UK’s regulation and enforcement frameworks needs to be agile enough to respond flexibly to continuing developments in new technologies and business that is disruptive.

The objective of this consultation is to lay out ongoing and work that is proposed foster a supportive regulatory framework for financial services that allows innovation to flourish.

The innovation plan covers the job associated with the financial services regulators: Financial Conduct Authority (FCA ), Payment Systems Regulator (PSR ), Prudential Regulation Authority (PRA ) and the wider Bank of England.

The innovation plan covers three issues that are key

  • How new technology is shaping financial services
  • How financial services regulators are adapting to new technologies and business that is disruptive to encourage growth
  • How financial services regulators are better utilising new technologies to build efficiency savings and minimize burdens on business
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