UK and World Economic Forum to lead regulation revolution to foster industries of the future

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WiredGov UK | Jan 24, 2019

UK and WEF partnership - UK and World Economic Forum to lead regulation revolution to foster industries of the futureNew partnership between the UK and World Economic Forum (WEF) to ensure innovators have the environment needed to create and support the industries, products and services of the future.

  • Partnership will push forward a modern ‘agile’ regulatory approach that fosters innovation and keeps tape to a minimum whilst protecting consumers
  • Work is part of the government’s ambition through the modern Industrial Strategy for a ‘regulation revolution’ that meets the challenges and opportunities of technological advances

A partnership building on the UK’s heritage and excellence in regulation will ensure the UK is at the forefront of the next regulation revolution - creating an environment which fosters and supports entrepreneurship and the innovative industries of the future from flying taxis to digital lawyers – was announced recently (22 January 2019) by the Business Secretary Greg Clark.

See:  A Regulation Revolution In Financial Services

Speaking at the World Economic Forum Annual Meeting in Davos, the Business Secretary confirmed the UK would establish a new partnership with the World Economic Forum Centre for the Fourth Industrial Revolution, based in San Francisco, to develop future regulation which benefits business and consumers.

New technology is rapidly changing and creating entirely new industries, products and ways of serving customers with digital platforms improving the quality, speed, and price of a range of services from shopping and parking to streaming entertainment and travel. But alongside these economic opportunities come a range of ethical, legal and consumer protection issues which will require an active and agile response from regulators.

Business Secretary Greg Clark yesterday said:

The speed of technological innovation across the globe is faster than ever. New technology is not only revolutionising existing products and services, it is creating whole new industries and business models. The UK is recognised across the world for its regulatory environment which achieves both the protection of consumers whilst maintaining an openness to innovation - a framework which has been exported across the world.

Our regulators have a fundamental role in ensuring the success of future industries and innovations through active and agile governance whilst ensuring the protection of consumers.

The government sees active and agile regulators as key to creating the business environment in which the industries of the future can grow, as part of our modern Industrial Strategy. This new international collaboration will ensure the UK leads the way in guaranteeing the UK and global regulatory system keeps pace with the speed of change.

The United Kingdom is the first country to partner with the Centre for the Fourth Industrial Revolution on this project, building on its existing collaboration with the Centre on artificial intelligence.

The partnership work will focus on areas of innovation which align with the UK’s Industrial Strategy Grand Challenges, such as:

  • AI and Machine learning
  • Autonomous and Urban Mobility
  • Drones and Tomorrow’s Airspace
  • Precision medicine

The move reflects the government’s commitment to ensuring that UK regulators are agile and ready for and to foster the industries of the future. In October 2018 the OECD reported the UK as a world leader, recognising the supportive and exceptional performance of the UK’s regulatory system in its annual Regulatory Policy Outlook.

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The UK has been pioneering an agile approach to regulation, such as the Financial Conduct Authority (FCA) introducing a ‘regulatory sandbox’ in 2016, allowing innovative businesses to work with the regulator to test products with consumers without having to meet all the usual requirements for compliance. This allows innovators to benefit from better market testing and consumers to benefit from new products which have better safeguards built-in from the beginning.

The Business Secretary has been leading efforts in the government, through a Ministerial Working Group on regulation, to transform the UK’s regulatory system towards this agile approach. This involves continuously identifying new opportunities and driving regulatory reform; making regulations technology neutral and framing our laws around the goals we want to achieve; and creating more space for experimentation with a greater emphasis on testing and trialling new innovations.

Kay Firth-Butterfield, Head Artificial Intelligence & Machine Learning at the World Economic Forum yesterday said:

I am delighted that BEIS will be joining the work of the Forum around agile governance of 4IR technologies. I look forward to working with them on the AI Team’s ‘Reimagining the regulator‘ project, where their work on regulatory models will be very valuable.

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NCFA Jan 2018 resize - UK and World Economic Forum to lead regulation revolution to foster industries of the future The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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share save 171 16 - UK and World Economic Forum to lead regulation revolution to foster industries of the future