The ever popular and informative Regulatory Review session returned to the Fintech Talents North America Stage on the back of what has been a very busy year for regulators across the continent. There is a wealth of expertise on this panel and is a great tool for catching up on what is a fast changing and complex landscape.
Policy and regulation are central to the financial services industry. From enabling banks to work with fintechs through to the objective of ‘securing the worlds data’, the panel covered the ways in which innovation can be supported and consumers and end-users of financial products protected.
Our panellists included:
Steven Boms, Executive Director, FDATA
Chris Hamilton, COO, Amount
Jeanette Quick , Head of Compliance & Public Policy, Gusto
Stefan Slattery, Demand Generation Lead, VGS
All the hot button issues – embedded finance (including BNPL), data protection and usage, algorithms, consumer indebtedness, open banking, crypto – are in scope for our panel.
Steve Boms asked panellists to share what they saw as the key policy initiatives that will follow on from important industry developments. As noted by Chris Hamilton, one overriding theme for policy makers and regulators is to ensure that consumers aren’t overburdened and can service their financial commitments.
Stephan Slattery noted the (VGS) moral obligation to end-users to ensure they are protected. He touched on how standardization of the protection of data would benefit both their clients and consumers. There is no US equivalent to GDPR and regulation has been left up to the States. A standard framework would make the go to market journey easier, removing friction for companies across the US. The goal of frictionless fintech would protect their clients from patchwork state regulation.
Jeanette Quick notes that algorithms are also scope for regulators, including how they are utilized in decision making for the allocation of financial services
Definitely a session that is not just for regulation nerds and our experts cover a broad range of important issues tor fintechs, banks and innovators across North America. Finding the right balance between innovation and consumer protection is a goal that is always shifting.
