The fear continues around innovation and the changes it will bring, according to a Conservative Member of Parliament (MEP) speaking at this year’s Inaugural ISITC Europe Market Innovation Summit.
The MEPs stated that this fear and resistance to change comes from a misunderstood notion that regulation stands in competition with innovation.
The MEP affirmed that this notion was false and innovation should be harnessed through regulatory frameworks.
He went on to say that many innovation start-ups begin their business after asking for regulation for certainty—so as not to fall foul of the law.
He explained that there should be a focus on embracing young people with skills suitable for the financial sector as the financial sector evolves. In particular, the MEP affirmed coding needs to become more prominent and taught better within the education system.
One audience member discussed with the MEP that most politicians don’t believe distributed ledger technology actually exist and added: “politicians need to realise it’s here.”
The MEP also talked about Brexit and was confident London would still remain a global financial sector after the UK leaves the EU.
The MEP was optimistic that the UK will continue to trade with the rest of the world. He said: “The UK remains the number one country for investment in technology and a highly desirable location for business. The EU will be fearful once we have gone.”
He added: “Having a Norway model could be a short term solution, but we’d become a permanent rule taker, the rules may not be in our interest. The Norway solution is not sustainable in the long-term.”
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