UK Regulators Praised as Most Fintech Friendly

Photo Credit:  Michael Garnett

Photo Credit: Michael Garnett

The UK topped a recent global survey, compiled by professional services firm EY, as the most fintech-friendly. The Financial Control Authority (FCA) has been keen to burnish its credentials by supporting startups. The fintech industry was able to generate £6.6 billion in revenues and employ 61,000 people in 2015. In particular, it is the FCA’s “sandbox”  that was praised by Microsoft. The sandbox is a way for companies to test products with temporary regulator approval. “There are other regulators around the world that have more funds and resources, and other regulators with more powers. But it was really only the UK financial regulator that has built into its governance a mandate to promote innovation and competition” says Imran Gulamhuseinwala, EY’s global leader for fintech.