24
October
2019
|
17:54
Europe/Amsterdam

Lord Mayor of the City of London speech at the City Banquet

Lord Mayor of the City of London, Peter Estlin, will give a speech at the City Banquet at The Mansion House tonight (24 October).

Addressing an audience of senior government figures, European institutions and business representatives drawn from a wide range of regulatory and compliance sectors, Lord Mayor Peter Estlin will speak alongside Dr Andrew Bailey, Chief Executive Officer at the Financial Conduct Authority, and Sam Woods, Chief Executive Officer at the Prudential Regulation Authority.

An extract from the Lord Mayor’s speech is found below. Please check against delivery.

“In just over fifty years, the UK’s payments landscape has changed dramatically. From the creation of the first UK credit card and installation of our first ATM, to the beginning of contactless cards and online and mobile payments, to today’s world of blockchain, payments integration with the internet of things, and open banking – giving people unprecedented power over their own data.

“Playing a fundamental role in the development of these new financial technologies has been our regulators. Thanks to their commitment to increasing competition, we have taken significant steps to reduce barriers to entry for small firms through the launch of the PSR and the Open Banking initiative.

“More broadly, our regulatory sandbox remains the gold standard worldwide for encouraging innovation through welcoming regulation. This welcoming regulatory environment – combined with our talents in innovation – is why, today, the City of London is the world’s number one FinTech hub.

“Getting the balance right between openness and regulation is critical if we want to maintain our reputation as the world leader in financial innovation.

“First, we must ensure UK firms continue to have the best regulatory support to grow both at home and overseas. And second, we need to ensure innovative international firms are encouraged to enter the UK market.

“Already, our regulators are taking steps to enable these outcomes. The PRA’s use of new data to understand potential barriers to growth for small fintech firms is welcome news for many young start-ups.

And the FCA’s innovation hub is already working with several international regulators to enable British firms to access new markets, and vice-versa.

“The City has been working with groups both within Europe and the US to better align our regulatory frameworks. We are working with European institutions through the IRSG to navigate a regulatory framework that enhances openness and encourages competitive capital markets.

“And in the US, we continue to support the UK-US regulatory dialogue and develop stronger relationships with the Federal Reserve, the SEC, and the CFTC among others.

“As the global tech sector continues to grow, the UK must maintain this momentum. Working both domestically and overseas to strengthen our international regulatory offer, maintaining our reputation as the front-runners in global regulation, and ultimately driving competition.

“By doing this, we will deliver to the world the digital financial services required for the digital age driving economic growth and supporting communities across the UK for years to come.”

Notes to editors

The City of London Corporation is the governing body of the Square Mile dedicated to a vibrant and thriving City, supporting a diverse and sustainable London within a globally-successful UK. www.cityoflondon.gov.uk