In this Feedback Statement we summarise the feedback we received on our Call for Input: Regulatory barriers to innovation in digital and mobile solutions, set out our response and explain the next steps in the context of the wider Project Innovate agenda.
Why are we issuing this Feedback Statement?
In June 2015 we published our Call for Input: Regulatory barriers to innovation in digital and mobile solutions. We noted that:
- digital and mobile solutions can be more convenient for many consumers and offer efficiency and cost benefits to providers. As a result, digital technology is becoming integrated in all sectors of the economy.
- applying digital solutions has become a top priority in the public sector in the UK and in the EU
- we would like to understand better the strategic regulatory barriers and enablers, either in the UK or at EU level, that prevent development of digital and mobile solutions.
The Call for Input was positively received. The majority of respondents recognised that this work was part of our longer-term commitment to foster innovation and welcomed our engagement on these issues.
It was clear from the responses to the Call for Input that, while many innovative digital and mobile solutions already exist with stakeholders eager to use them and provide them to consumers, there are a number of perceived barriers that are preventing greater use of all the available technology.
In this Feedback Statement we summarise the responses we have received to the questions set out in the Call for Input and outline our next steps.
What are the next steps?
- address the issues raised around communications through a Feedback Statement to our Discussion Paper (DP) on smarter consumer communications (DP15/5)
- continue to engage with Her Majesty’s Treasury and the Joint Money Laundering Steering Group (JMLSG) to help them implement the Fourth Money Laundering Directive (MLD4) in a way that maximises its potential for digital solutions
- seek views of stakeholders on the implementation of Payments Services Directive II (PSD2) through industry engagement and a consultation on our current PSD Approach Document
- host an event on payments in spring 2016 to further engage with stakeholders on key issues
- explore the issues raised in the financial advice market through the Financial Advice Market Review (FAMR)
- address the issues raised on the use of third-party cloud providers through our guidance consultation
Want to find out more?
- Call for Input: Regulatory barriers to innovation in digital and mobile solutions
- Thematic Review TR14/15: Mobile banking and payments
- Discussion Paper: Smarter consumer communications
- The revised Payment Services Directive (PSD2)
- The Financial Advice Market Review (FAMR)
- Guidance Consultation GC15/6: Proposed guidance for firms outsourcing to the 'cloud' and other third-party IT services