Commenting on GLI Finance’s response, Dr Louise Beaumont, Head of Public Affairs & Marketing at GLI Finance said:
“Our response is driven by our desire to see the success of the alternative finance market as it pertains to SMEs – often called the engine room of the UK economy. The ability of alternative finance to address the nagging access to finance gap is widely recognised. We must work towards a regulatory environment that helps rather than hinders alternative finance as a solution.”
“We also understand the difficult task that any regulatory body faces in keeping track with the pace of innovation. The future of the financial sector is increasingly technological, rather than manual, and the FCA needs to ensure it has sufficient expertise and resource to adapt to this new world.
“We hope that through this review, the emphasis shifts from “more regulation” being the answer, to seeking “better regulation” instead. Additionally, effective enforcement of regulation is vital if the sector is to achieve its potential and the benefit the economy as a whole.
“GLI Finance looks forward to continuing to engage with the FCA and welcomes its commitment to date to support the growth of the sector.”