TISA upgrades its digital drive
TISA, the investments and savings membership organisation, has launched a Digital Innovation Policy Council and appointed Phil Goffin, director at DST Innovate as its Chair.
The new Council – an evolution of the previous Technology Innovation Policy Council – will have an overriding focus championing the development of government policy, regulation, data sharing standards and industry infrastructure that supports the digitisation of UK financial services. Core activities will include the development of a Digital ID for consumers of UK financial services, the development of consumer data sharing standards and providing industry input to new digital regulation and standards such as the revised Payment Services Directive (PSD2). This new approach follows on from the appointment of Andrew Churchill as TISA’s Digital Innovation Director in February.
At its first meeting, Phil Goffin was elected to chair the new Council. Phil is one of the UK’s leading FinTech innovators, he is a co-founder of Calastone and has a successful track record of designing, initiating, founding and supporting key disruptive financial services technology. In addition to his role at DST Innovate, Phil is also the co-founder and non-executive director of Apply Financial.
David Dalton-Brown, TISA Director General said:
“Our change of focus from technological to digital innovation better reflects our work to support the development of an infrastructure and standards for the on-going digitalisation of financial services. I am delighted that Phil Goffin has agreed to chair the new Council. Along with the appointment of Andrew Churchill this gives TISA a powerful resource to lead the way in the digital revolution for our industry.
“I would also like to thank Bill Wrest who, as chair of the Technological Innovation Policy Council, ably led our early work to identify the key issues and where TISA could best add most value. This laid the foundations for today’s announcement.
“The future is exciting – TISA’s project to deliver a digital identity for the consumers of financial products is well advanced and about to enter the pilot testing phase, we are developing plans to introduce a hub for FinTech innovators and will soon be announcing details on our work to create digital standards. Digitalisation is impacting on all areas of financial services and TISA is also currently looking at Robo-Pensions; Automated Advice and digital applications to improve financial guidance.”
The Council will support TISA’s mission to champion the development and use of digital solutions to make it easier and safer for people to save, allow companies to operate more efficiently and to support the Government’s digital programme.
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For further information please contact:
Alistair Kellie – Telephone: 0207 680 6558/Email Alistair.Kellie@newgatecomms.com
Sara Neidle – Telephone: 020 7680 6550 / Email Sara.Neidle@newgatecomms.com
Jessica Hodson Walker- Telephone: 020 7680 6538/EmailJessica.HodsonWalker@newgatecomms.com
Email: TISA@newgatecomms.com
Notes for Editors
TISA is a unique, consumer focused membership organisation. Our aim is to improve the financial wellbeing of UK consumers by aligning the interests of people, the financial services industry and the UK economy. We achieve this by delivering innovative, evidence based proposals to government, policy makers and regulators.
TISA’s growing membership comprises over 160 firms involved in the supply and distribution of savings and investment products and services. These members represent all sectors of the financial services industry, including asset managers, insurance companies, fund managers, distributors, building societies, investment managers, third party administrators, FinTech, consultants and advisers, software providers, financial advisers, pension providers, banks and stockbrokers.
Current themes of TISA policy work include:
• Brexit: developing proposals for government that will enable the savings and investments sector to prosper on a global scale
• Digitalisation: a digital identity for consumers of financial services, innovation, standards and data responsibilities
• ISA’s: LISA, simplification of the regime
• Retirement saving: the Auto Enrolment review, self-employed and pension tax relief
• Housing: the use of property to supplement retirement income
• Guidance: developing a framework and services to make guidance more widely available
• Education: supporting the education of young people to make them aware of the impact of finance on their life.
TISA also provides support on a range of operational and technical issues targeted at improving infrastructure and processes, standards of good practice and the interpretation and implementation of new rules and regulations. TISA has a successful track record in working cooperatively with government, regulators, HMT, DWP and HMRC to improve industry effectiveness by reducing cost and risk and to enhance customer outcomes. This work currently includes: MiFID II, CASS, the UK Fund Settlement initiative and Payments Strategy Forum. TISA Exchange (TeX) is providing a model for transfers and re-registrations.