Regulation Holding UK Fintech Back, Says Mayer Brown Report
By Richard Crump (November 24, 2016, 2:12 PM GMT) -- Overly complex and outdated regulations are blocking collaboration between banks and financial technology firms and should be removed, a report published Thursday by law firm Mayer Brown found.
The survey of 70 U.K.-led financial services companies found that too many regulators, a lack of industry understanding among officials and general inappropriateness of the system ranked as the biggest barriers to developing fintech — the technology applied to financial services.
"Regulators say they're technology neutral, that the platform is not a factor, but it's undeniable that some regulations are not suited to some of the technology we're seeing emerge," said Guy Wilkes,...
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