Six Key Areas From European Fintech Consultation

The recent FinTech consultation paper asked respondents on how FinTech can facilitate greater access to credit, how Big Data affects individual consumers, and whether crowdfunding should be regulated on a pan-EU level. We review six key areas arising from the responses.

To help facilitate an EU-wide strategy, The European Commission issued a FinTech consultation paper in June 2017. The paper asked Financial Services Providers ("FSPs") and consumers how FinTech could improve access to credit and other financial services and reduce costs while ensuring adequate protection of customer data. Responses to the paper touched on matters of long-standing interest to the Central Bank of Ireland, such as adequacy of IT systems and controls, regulatory reporting, and consumer protection. Interestingly, several other hot topics emerged from the consultation including regulatory sandboxes, robo-advice, RegTech and cloud