Treasury to push EU for fintech support

Treasury to push EU for fintech support

Financial services are in a “sweet spot” where they can focus on growing the fintech sector, according to the director of EU and international financial services at HM Treasury.

Katharine Braddick made the comments to the Westminster Business Forum conference on the future of fintech yesterday (14 January).

She said HM Treasury would be using the European Union’s recently published green paper on retail financial services to encourage it to promote fintech.

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Ms Braddick said: “We are putting together our response to the green paper currently.

“We think fintech is a very important way of enabling financial services to deliver for customers.

“Since the financial crisis the core initiative for us has been regulation. We are now in a sweet spot where we are moving onto another phase.”

She said financial services could now focus on supporting growth, creating jobs and delivering for customers.

The green paper was published as part of the European Commission’s bid to create a capital markets union by 2019.

This could involve removing investment barriers across the EU and allowing advisers to sell products across borders.

Ms Braddick said HM Treasury’s other priorities were to make sure its fintech initiatives, which are already in train are completed and to look for other opportunities to improve the environment for fintech.

She said HM Treasury’s ambition is for the UK to be the world’s fintech capital.