Fintech: EU Commission consults on impact of technology on financial sector

The EU Commission has launched a consultation on technology and its impact on the European financial services sector as part of its consumer financial services action plan.

The consultation aims to gather information on the impact of innovative technology on the financial sector to aid the EU Commission in developing its policy approach and to help assess whether the regulatory and supervisory framework fosters technological innovation.

The EU Commission is consulting on the opportunities and challenges relating to its key fintech policy objectives, including:

• fostering access to financial services for consumers and businesses;
• bringing down operational costs and increasing efficiency for the industry;
• making the single market more competitive by lowering barriers to entry; and
• balancing greater data sharing and transparency with data security and protection needs.

Comments are due by 15 June 2017.