CBI financial services innovation forum

This year, the CBI launched its first financial services innovation forum - a quarterly meeting for FS firms, corporates and fintechs to discuss how technology can help financial services and the UK economy to grow.

These meetings encourage members to discuss and devise a regulatory framework for financial services innovation and give the CBI policy direction in this topic.

The CBI, in collaboration with the FS Innovation Forum, has now drafted a position paper to reflect how to build the right environment for financial services innovation. We’ll share our recommendations with the relevant regulators and government and will drive our whole economy approach, covering:

• The economic opportunities and risks innovation in financial services can bring, with a focus on risks to financial stability and the regional economic impact
• The impact that innovation has at firm level, discussing the new business models and competition in the market
• Key recommendations for a regulatory framework fit for innovation that can help firms comply with their obligations and ensure effective supervision by the regulators
• Case studies on Artificial Intelligence.

The regulatory framework of the future will need to have collaboration and customer outcomes at its core, building in flexibility to ensure policy can evolve in step with new developments, maintaining a supportive environment that protects innovation, and a collaborative approach with the industry based on common standards and guidelines.

Next steps

The impact of technology in financial services firms will be a key topic for the CBI in 2020 and we would like to explore the recommendations for the regulatory framework further. If you would like to get involved in our work please contact Ana Gallego.