Regulatory landscape of the UK’s FinTech industry

By FintehNews staff

Summary: 

–Compliance has never been easy for Fintechs. But when the regulatory landscape started to change fast, things became even more complicated.

–Brexit has added a big chunk of uncertainty for the fintech market. And then the pandemic brought new concerns about the protection to the table

-Top Fintech CEOs give some tips on winning the Regulatory Compliance Game in 2021: 

–David M. Brear CEO and Co-Founder of 11: “New opportunity is created when regulation changes. Being compliant is almost a low bar for people to try and get over because when you’re trying to maximize the opportunities that actually changes within regulation bring about – then you, actually, look at the market in a completely different way. Being compliant is super important, but I think seeing it as “a box that you tick” is where most all organizations really leave opportunity on the table.”

-Henry Talbot-Ponsonby, Founder of BITE Alternative Investments:“The only trick that I know is to hire a good lawyer – a lawyer who understands the theme and can very easily explain everything. All you’ve got to do is fill in is this little gap and 90% of it you’re already there.”

-Nick Jones, Co-Founder & CEO at Zumo: Pick the best compliance solutions that will scale with you over time. Understand the trend pick – the best technology solutions. Try and get as much knowledge on the team. That would be my advice.

-Phil Vidler, CEO at FinTech Alliance: The reason the UK is a FinTech world leader is the strength of its wider supporting professional services network, including renowned consultants, lawyers and more who can provide critical expertise on all aspects of regulation and compliance.”

-Andrea de Gottardo, Chief Executive at Kroo: “I would always recommend building out your compliance team, as soon as you can build it in-house, scale it in-house because there is nothing that is of the same value as having your own team. The in-house compliance team is so important – develop that early on.”

Source: https://www.fintechnews.org/regulatory-landscape-of-the-uks-fintech-industry/