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UK Must Update Rules To Keep Up With Fintech, Lobby Says

Law360, London (October 11, 2018, 1:06 AM BST) -- The British government needs to revamp how it regulates and taxes financial services to keep pace with the introduction of financial technology into the marketplace, a leading trade group said in a report Thursday.

The Confederation of British Industry said technology and regulatory shifts are creating new challenges for the sector that demand new tools to scrutinize the effect of regulation and taxation policies as the U.K. gets ready to leave the European Union.

CBI members had raised concerns that the existing Treasury Committee is not sufficiently resourced to take on new responsibilities such as scrutinizing on-shored financial services regulation in...

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