FCA Appoints Innovation Advisory Group Members

The FCA had planned to establish the Innovation Advisory Group (IAG) to provide early input on planned initiatives, to help focus the FCA's attention on key issues and concerns affecting Fintech and Regtech, and to identify opportunities to promote continued innovation in financial services and cooperation between the industry and the regulator. The Innovation Advisory Group (IAG) will perform these functions to assist the innovation sector in achieving its objectives and promoting competition for the benefit of consumers.

The FCA began recruiting members last November, during which time 96 applications were received for IAG membership.

The final selection of seven rotating members:

· Pinar Akman, Professor of Law & Director at Jean Monnet Centre of Excellence on Digital Governance - University of Leeds

· Esra Kasapoglu, Director of AI and Data Economy - Innovate UK

· Etay Katz, Senior Partner, Financial Regulation - Ashurst LLP

· Massimo Preziuso, Lecturer in Sustainable Financial Technology - University of Salford

· Ghela Boskovich, Founder of FemTechGlobal & Head of Europe - Financial Data and Technology Association (FDATA)

· Alastair Reed, Principal Policy Adviser, Money - Which?

· Tom Bull, Partner & Head of FinTech Growth - Ernst & Young LLP

 The appointed to the IAG as fixed members:

· Phillip Mind, Director of Digital Technology & Innovation - UK Finance

· Adam Jackson, Director of Policy - Innovate Finance

· Jason Boud, Co-Founder & CEO - RegTech Associates

· Ian Waterworth, Director of Technology & Operations - Association for Financial Markets in Europe (AFME)

· John Allan, Head of Innovation and Operations Unit - The Investment Association

The rotating members will join the IAG and work with a group of trade associations and a research firm as fixed members for at least one year.

The FCA says the members will bring precious knowledge and experience to the 2023 Innovation Department’s work plan, including artificial intelligence and other emerging technologies, competition, digital markets, and financial inclusion and sustainability, which are inextricably linked to the work of the department.

"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 will convene for the first time in February 2023 and will meet regularly throughout the year.