‘Fintech innovations can bring benefits to consumers and firms when managed and delivered within a strong consumer focused culture’ - Director of Consumer Protection, Bernard Sheridan

• Consumers' best interests must be at the centre of Fintech’s innovations and developments.
• Impact of Fintech has the potential to bring benefits to consumers and firms, but also can bring consumer protection risks which need to be managed.

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Addressing the European Tech Summit on Financial Innovation in Cork, Director of Consumer Protection, Bernard Sheridan said: “New technologies in the financial sector have been happening for some time but over the last couple of years the impact of Fintech is becoming more evident in what would have been viewed as the traditional retail financial services marketplace. Financial innovations can bring positive benefits to consumers and firms when delivered within a strong consumer focused culture, but they can also present consumer protection risks which need to managed and mitigated.

“Fintech is now an established part of how financial services are delivered to consumers across the banking, payment and wider financial system. Monitoring and keeping pace with technological developments can present challenges to regulators. While it is not possible or realistic for us to be ahead of every innovation, it is essential that our focus is firmly on ensuring that the appropriate framework is in place so that innovation develops in a manner that ensures the best interests of consumers are protected now and in the future”.