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Thursday, 13 December 2012

Midata Thoughts No. 1

Hard on the heels of the government's recent warning shot, we're now into the working group phase of the voluntary Midata programme.

I'm involved in the working groups on Transmission and Data Protection Regulation & Enforcement. Other members of the Interoperability Board are also looking at Identification; Data Storage; and Onward Data Release to Third Parties. In due course, we will draw those aspects together, with the exact form and format of the output to be decided.

Of course, this is not intended as a 'closed shop' and I have tried to be transparent, via this blog, about my involvement. This has included publishing a summary of my response to the Midata consultation over the summer. In keeping with that, I am now embedding below a presentation of my initial thoughts following discussions on the roles of participants, process flows, the developing co-regulatory environment, risks, controls and challenges. I have also included scenario diagrams covering the three types of scenarios involved.

I welcome any comments, queries or suggestions you may have. I will post further updates in due course.

Monday, 10 December 2012

P2P Finance Policy Summit

Everyone seemed to enjoy the Peer-to-Peer Finance Policy Summit on Friday. Huge thanks to our hosts, panellists and all in attendance for putting so much effort into a great discussion. There will be de-brief at The Finance Innovation Lab tomorrow and a summary of the output from the summit should be available shortly [now here]. In the meantime, I've embedded my presentation below.

A pan-EU version of the Open Letter will be available this week to support a series of other events that are occurring in Europe.

As I mentioned on the day, this event grew out of a session at the Finance Innovation Lab in March on whether disruptive policies can help deliver a sustainable financial system. We thought that financial innovation could be fostered through a series of such forums involving representatives of IT, marketing, finance, operations, legal and so on, as well as platform participants, regulators and policy-makers. Proportionate self-regulation and formal regulation could evolve through this process, as considered necessary. Such 'co-regulation' already has successful parallels in contexts such as broadcasting and advertising, to name but a few, and it will be interesting to see the extent to which such a process develops here.

We may even see some counter-regulation, where offline businesses are required to implement the benefits of successful online business models, as in the case of midata.