The Supreme Court judgment in the Financial Conduct Authority’s (FCA)’s Covid-19 business interruption test case reiterates the need to focus on the detail within insurance contracts. For executives managing Financial Technology companies one identified risk is maintaining regulatory compliance while meeting the demands of scaling their business.
Fintech companies hold the promise of innovation, capital expansion and improving public interest outcomes but will be held to both domestic and international regulatory standards. Regulators are increasingly focused on data protection, anti-trust behaviour and cross-border regulatory arbitrage.
The Fintech winners will ''lean-in'' to meet these regulatory demands, and think responsibly about managing risk as their business grows. Appropriately brokered Fintech Insurance will be bespoke to your companies needs and cover the company, and the executive team, in circumstances involving legal claims alleging a breach of duty, regulatory investigations, shareholder claims, customer claims, cyber breaches and employee theft.
fintech is still finance in essence, so the principle of “same business, same rules” should apply. We need regulation that emphasises the substance not the form of a company.