The regulator first began seeking members for the group in November.
Its aim was to establish an advisory group that could provide early input into planned initiatives, bring the FCA’s attention to key issues or concerns impacting the fintech and regtech sectors, and identify opportunities for continued innovation in financial services, and collaboration between the industry and the regulator.
By doing this, the FCA said the IAG will help the innovation department achieve its objective of promoting competition in the interest of consumers.
The City watchdog received 96 applications to join the IAG and following the selection process, it appointed seven rotating IAG members.
Rotating members will join the IAG for one year minimum term and will work alongside a group of trade associations who have been appointed to the IAG as fixed members.
Fixed members are:
“Our selected members bring a wealth of knowledge and experience in areas that are closely aligned to the innovation department’s workplan for 2023, including artificial intelligence and other emerging technologies, competition, digital markets, financial inclusion, and sustainability,” the FCA said.
“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 is due to convene for the first time in February 2023 and will meet at regular intervals throughout the year.
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