Innovations in the financial services sector have been going on for a very long time. They gained tremendous momentum subsequent to the 2007 global financial crisis (GFC) because of accessibility difficulties, general distrust of the formal banking system, and phenomenal advances in digital and related technologies. Enhanced applications of technology in the sector with minimum regulatory constraints are now attracting regulatory attention because of perceived risks and the need to balance the interests of different market players who are subjected to different compliance costs and different business model freedoms. This article examines critically the regulatory implications of these developments with focus on the situations in the United Kingdom and the United States.
Business Law Review