It’s been a turbulent month for the financial sector in the UK since the vote to leave the European Union, a decision which caused increased instability in the markets as companies and investors looked to secure their own futures. Now, with the appointment of Theresa May, what might this mean for the financial services and FinTech industry?
The swift appointment of the UK’s second female Prime Minister was a welcome relief for all industries in the light of the Brexit vote. It was imperative that once David Cameron had declared he was stepping down a new leader was in place as quickly as possible to provide stability and direction in turbulent times; being resolved in a matter of weeks and not months was of benefit to everyone. Her decisive action in establishing a new government has also been welcomed, providing a glimmer of clarity in the confusion following the decision to leave the EU.
While it is still too early to make solid judgements on the policy direction the new government will take in relation to financial services and FinTech, there is certainly ground for optimism given Ms May’s background in finance and her appointment of members of the more liberal wing of the Conservative Party to significant posts.
Commenters have suggested that London is unlikely to lose its status as the global financial capital, due to attractive government policies and the cost of relocating to elsewhere. Likewise, the Cameron government actively encouraged the technology sector in the UK, and introduced many policies to entice investment. It is reasonable to assume that this will continue.
“FinTech is the jewel in the crown of London’s technology economy, and we expect that the new government will recognise this and continue to give it their utmost support.”
Russ Shaw, Founder, Tech London Advocates
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The well-worn phrase, 'a week is a long time in politics', would be a ludicrous understatement when describing the week that saw the appointment of the UK's second female Prime Minister, Theresa May. For the second time in less than three weeks, the financial and fintech industries were caught completely off guard by political developments.
It is still early days, and given the pace of political change at present it would be foolish to make assumptions on how financial services and FinTech will be affected by the new Prime Minister and the fallout from the Brexit vote. In such times, it is imperative that your business model and practices remain agile, able to adapt swiftly to meet the demands of changing policy and markets.
A focus of Encompass has been to provide our clients with the tools to remain compliant in light of changing regulations, and to increase the efficiency and effectiveness of their workflow. Whether you are working with client on-boarding, enhanced due diligence, AML or KYC, Encompass products are designed to help you minimise risk and keep your company ahead of the curve.
Founded in 2011 by entrepreneurs Roger Carson and Wayne Johnson, and operating from the UK, encompass is the creator of unique, innovative Know Your Customer (KYC) software for banking, finance, legal and accountancy that enable better, faster commercial decisions. The company is driven by the belief that the best decisions are made when people understand the full picture.
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