US and UK establish partnership to further collaboration on financial services

Collaboration between the US and the UK on financial services has been boosted by the establishment of a Financial Innovation Partnership (FIP), the UK government said.

The partnership will build on and deepen bilateral engagement on emerging trends in financial services innovation.

This will include encouraging collaboration in the private sector, sharing information and expertise about regulatory practices, and promoting growth and innovation, the government disclosed in a statement.

“Technology is the future of financial services, and innovation drives growth. By jointly fostering entrepreneurial breakthroughs, we will write a new chapter in the longstanding friendship between America and Britain,” Heath Tarbert, acting under secretary for international affairs at the US Department of the Treasury, said.

“By working more closely together through this new partnership we can help firms in both our countries to go even further to harness new technologies, share expertise and serve consumers,” said John Glen, economic secretary to HM Treasury.

The FIP will focus on two main areas, regulatory engagement and commercial engagement.

The US and UK have committed to build on existing regulatory co-operation by discussing regulatory developments and sharing experiences on technical issues related to innovation in financial services.

The FIP also seeks to promote a dynamic private sector that supports entrepreneurs and new business models – a necessary driver of financial innovation. It will provide enhanced and regular opportunities for the private sector in one country to engage with industry associations, and market participants in the other country.

Through the FIP, the UK Department of International Trade will bring UK firms to the US and the US Commerce Department will co-ordinate trade promotion missions to the UK.