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ARTICLE · 22 FEBRUARY 2019

Interoperability Of FinTech Firms

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Automation in financial and advisory services is growing, and European Supervisory Authorities are not taking immediate actions ...

ItalyTechnology

Automation in financial and advisory services is growing, and European Supervisory Authorities are not taking immediate actions, nor has the European regulator set forth any rules in order to drive the innovation towards a preferred path and standards. This level of freedom allows fintech firms to perform more than one activity and be able to provide more than one service alternative to those provided by banks, financial intermediary or insurance companies.

The Joint Committee Report of the ESAs on the results of the monitoring exercise on 'automation in financial advice' (2018), in its conclusions, does not remark on any significant change in the previously-identified risks. However, considering the overall importance of the topic, ESAs highlights the emergence of ongoing changes to the current business models of fintech firms.

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