Bank of England Hosts Future Forum with Theme of “the Future of Money”

The Governor of the Bank of England, Mark Carney, shared details of the Bank’s annual Future Forum today. The “Future Forum 2018” will have the theme of “Let’s Decide the Future of Money”.

Carney, typically a vocal proponent of Fintech innovation, said:

“… this is a chance for us to listen to feedback and ideas about how we can promote the good of the people of the United Kingdom.”

He added that “we want to hear your views on the future of banking, Fintech, cyber resilience, climate change, and savings.

Carney said:

“the Bank is embracing Fintech and ensuring that it develops in ways that maximise the opportunities and minimise the risks for society. We aim to enable, empower and ensure.”

The Bank wants to enable Fintech and foster an environment of innovation. Carney noted that the Bank was one of the first central banks to allow non-bank payment services direct access to its system. This access will lower the cost of payments across borders.

Rules and regulations count, thus the Bank must create an ecosystem for innovation to thrive.

“We must also empower new providers to promote competition by lowering barriers to entry through proportionate supervision and assuring a level playing field in access to our hard infrastructure,” said Carney. “Finally, we continue to ensure these new technologies add diversity and resilience to the financial system.”

The Bank of England Future Forum is going completely digital this year – the third forum of its kind.

This year’s Future Forum will run on a virtual platform, from today to 16 January. All of the Governors will host their own live Q&A sessions on the platform starting with Sir Dave Ramsden on 14 November.

Additional sessions scheduled are as follows:

  • Sam Woods on 16 November,
  • Jo Place on 19 November,
  • Governor Mark Carney on 27 November,
  • Jon Cunliffe on 13 December, and
  • Ben Broadbent on 9 January.

More information is available here.

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