UK, Canada Agree Deal Fostering Fintech Growth

Josh O'Neill

23 February 2017

The UK’s financial watchdog has shaken hands with a Canadian counterpart on an agreement that aims to foster the growth of financial technology in the UK and Ontario while reducing the regulatory burden.

Earlier this week, the UK’s agreement with the OSC is a positive step towards promoting financial innovation in each of our respective markets,” said Christopher Woolard, executive director of strategy and competition at the FC.

He continued: “It provides fintech businesses in Ontario and the UK with ready access to the regulatory support they need and we look forward to welcoming firms referred to us by the OSC to assist them in understanding the UK market and its financial regulation.”

Maureen Jensen, chair and chief executive of the OSC said: “We are hearing from many emerging businesses that offer innovative services, products and applications of benefit to investors. Many of these businesses are also seeking to expand globally, and this agreement reflects our ongoing commitment to enhancing their regulatory experience.”