16 July 2018
Visit www.gemalto.com

European Fintech Alliance hits out at new EC regulation expert group

05 June 2018  |  6514 views  |  0 EU flag

The European Fintech Alliance (EFA) has accused the EC of failing to give startups a voice in a new expert group on regulating fintech innovation, instead packing the body with traditional financial institutions.

Last week the EC named 14 members of its new expert group on Regulatory Obstacles to Financial Innovation, which has been given the task of helping to create "an environment where innovative fintech products and solutions can be rapidly rolled out".

But, the EFA thinks that the makeup of the group will leave fintech startups out in the cold and benefit incumbents. Of the 14 members, five are individual experts and the rest are organisations: two universities, AXA, BBVA, Barclays, the German association of savings banks, ING, the LSE, and France Fintech.

With just one group member that directly represents fintech firms, the EFA fears that the regulatory concerns of small firms will not be heard.

Marcus Laube, chair, EFA, says: "It is incomprehensible why the Commission chose not to give a significant voice to fintechs in an advisory group that is supposed to define rules to foster financial innovation and Europe’s competitiveness in the financial sector.

"Not only can we expect the results to be biased towards the heavily overrepresented traditional institutions, but as well the Commission failed to involve all stakeholders concerned equally."

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

European Commission sets out 23-step 'Fintech Action Plan'

European Commission sets out 23-step 'Fintech Action Plan'

08 March 2018  |  19819 views  |  1 comments | 37 tweets | 57 linkedin
European Fintech Alliance raises bank API fears

European Fintech Alliance raises bank API fears

26 February 2018  |  14160 views  |  6 comments | 23 tweets | 21 linkedin
European Commission makes fintech a priority in supervisory shakeup

European Commission makes fintech a priority in supervisory shakeup

20 September 2017  |  13908 views  |  0 comments | 36 tweets | 48 linkedin
European Fintech Alliance has first outing at Deutsche Bourse

European Fintech Alliance has first outing at Deutsche Bourse

18 October 2016  |  6472 views  |  0 comments | 12 tweets | 2 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit https://secure.vasco.comVisit www.aciworldwide.comVisit info.nice.com

Top risk & regulation topics

Most viewed Most shared
Championing financial inclusion and helping the UnstoppablesChampioning financial inclusion and helpin...
8313 views comments | 3 tweets | 1 linkedin
satelliteStandard Chartered enlists Regtech startup...
6911 views comments | 3 tweets | 1 linkedin
The Big Data dilemmaThe Big Data dilemma
6672 views comments | 9 tweets | 10 linkedin
The  challenges of  managing third party riskThe challenges of managing third party r...
6233 views comments | 1 tweets | 2 linkedin

Featured job

Competitive base, double ote, benefits
New York City, NY USA

Find your next job