FCA Chief Executive Nikhil Rathi meets NI fintech delegation in Belfast

Financial Conduct Authority Chief Executive Nikhil Rathi has been in Belfast meeting with representatives from Northern Ireland’s leading financial and regulatory technology companies.

At an event with representatives from NI-based companies who are members of local industry association FinTech NI on Friday, Rathi set out the FCA’s priorities as an organisation going forward and heard more about the regulatory challenges facing financial services institutions in Northern Ireland.

The event was hosted by fscom, a leading specialist governance, risk and compliance consulting firm to financial services institutions, at their headquarters in Belfast.

At the event, he heard from local fintech and regtech leaders from companies including FinTrU, Datactics and AuditComply about the strength of Northern Ireland’s sector currently, and the regulatory obstacles they face going forward.

Now generating over £392 million in annual GVA from fintech, Northern Ireland was one of ten UK areas found to be producing high growth fintech companies in the Independent Strategic Review of UK Fintech 2021. The region’s leading capabilities in regtech were identified as a significant strength for the local ecosystem in the NI FinTech Sector Strategy produced by FinTech NI in the same year.

At the meeting, Rathi set out the FCA’s priorities as an organisation moving forward and highlighted the benefits to industry and the regulator of supporting innovation by promoting solutions to complex regulatory challenges.

FCA Chief Executive Nikhil Rathi said: “There is a dynamic ecosystem of financial institutions and fintech firms in Northern Ireland, with vast expertise. The opportunity to hear directly from the firms and gain insights into the strengths and priorities of the sector is invaluable.”

“The FCA has built a world-leading reputation for regulatory innovation. We pioneered the Regulatory Sandbox with UK firms, now copied around the world. We are the first regulator to directly support early and high growth potential firms. We value the support and input of each of the member organisations we met today and wish to thank FinTech NI and our host fscom.”

fscom Director Alison Donnelly added: “It is a pleasure to have hosted FCA Chief Executive Nikhil Rathi at the fscom offices in Belfast. We see every day the innovation that is happening here, therefore it was a pleasure to introduce some of our leading fintech companies to the FCA.”

“As the financial and regulatory space grows, the FCA continues to be a vital institution that is heavily relied upon both to ensure financial markets function well and to give founders and CEOs a clear understanding of how their business can grow and expand while remaining compliant. As a governance, risk, and compliance consultancy, we are encouraged to see this level of engagement from the FCA and have no doubt today’s session will bolster Northern Ireland’s fintech sector once more.”