Regulation Advisory Council Created in the UK to Boost Innovation via Regulatory Reform

According to the UK government, Cathryn Ross has been appointed as the first Chair of the new Regulatory Horizon Council, a government-supported committee to make certain UK regulation keeps pace with innovation and enables it to thrive while safeguarding the public. Ross is currently the Group Regulatory Affairs Director at BT Group.

Ross commented on her appointment:

“The council will play an important role in ensuring an outcome-focused, and flexible regulatory system in the UK … Our aim will be to enable innovation to thrive while protecting citizens and the environment.”

The UK is well known for its financial services regulation and the role it plays in fostering innovation, specifically in Fintech. Many countries from around the world have studied the UK Financial Conduct Authority to better understand how the financial regulator operates to encourage change while ensuring consumer and business protection from nefarious activities.

The new Committee was first revealed as part of a white paper on the “Fourth Industrial Revolution.”

According to a release, the Committee will be responsible for:

  • advising the government on regulatory reform to bolster the rapid and safe development and introduction of emerging products, services and business models in the UK
  • working with innovators, businesses, academics, and regulators to scan the business horizon for technological innovation and trends, building on existing work and data across government
  • delivering a regular report with recommendations on priorities for regulatory reform to put the UK at the forefront of the industries of the future

UK Business Minister Nadhim Zahawi explained that the country currently has a “thriving tech sector, worth £184 billion to the economy every year, and this council will help supercharge this sector through more agile regulations.”

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