FCA chief meets with ‘dynamic ecosystem’ of Northern Ireland fintechs

The chief executive of the Financial Conduct Authority (FCA) Nikhil Rathi met with representatives from Northern Ireland’s “dynamic ecosystem” of fintechs and financial institutions this week.

Rathi laid out the FCA’s goals as an organisation at the event in Belfast, which included representatives from Northern Ireland-based companies that are part of FinTech NI.

Generating nearly £400m in annual GVA from fintech, Northern Ireland was one of ten UK areas singled out as producing high growth fintech companies in the Independent Strategic Review of UK Fintech 2021.

“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,” Rathi said.     

The event was hosted by fscom, a specialist consulting firm to financial services institutions. 

Local fintech and regtech leaders from companies including Datactics, FinTrU and AutitComply discussed the strengths of the sector and regulatory obstacles they’re currently facing.

“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,” fscom director Alison Donnelly said.

“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.”