Andrew Bailey , chief Executive of the Financial Conduct ##ance , in his previous position as CEO of the Prudential Regulation Authority , wrote a letter to Andrew Tyrie of the Treasury fund in June of this year stating that “ … the ( British ) crowdfunding sector is currently too small to be systemically important to the UK financial system . ” Bailey went on to suggest that the rapid rate of growth seen in the crowdfunding sector should be monitored , but at this stage did not pose any sort of “ systematic threat ” to the UK economy and therefore did not , as yet , require backing via government policies or regulatory regulation .
Andrew Bailey, Chief Executive of the Financial Conduct Authority, in his previous position as CEO of the Prudential Regulation Authority, wrote a letter to Andrew Tyrie of the Treasury Committee in June of this year stating that “…the (British) crowdfunding sector is currently too small to be systemically important to the UK financial system.” Bailey went on to say that the rapid rate of growth seen in the crowdfunding sector would be monitored, but at this stage did not pose any sort of “systematic risk” to the UK economy and therefore did not, as yet, require backing via government policies or increased regulation.