Regulation rulebook rewritten to ensure UK leads tech revolution and empowers consumers

Regulation rulebook rewritten to ensure UK leads tech revolution and empowers consumers

June 14, 2019 Off By administrator
  • government rewrites regulation rulebook to embrace technological change as part of its modern Industrial Strategy
  • more support for businesses to launch new, transformative products to UK markets faster
  • Smart Data Review to offer consumers greater control over their data to get better deals
  • Vulnerable Consumer Challenge to ensure the most vulnerable and least digitally engaged customers are still able to enjoy the best deals

New measures announced today (11 June 2019) will free up businesses and innovators to test their ideas, make use of the latest technologies and get their products to market quicker – keeping the UK at the forefront of innovation.

Regulation for the Fourth Industrial Revolution

Speaking at London Tech Week, Business Secretary Greg Clark will say the proposed reforms will ensure an agile and flexible approach to regulation in the UK, a key part of the government’s modern Industrial Strategy.

This will allow entrepreneurs and business to embrace innovation, seize the opportunities of cutting-edge technology and bring transformative products to market – such as personalised medicine or pioneering new modes of transport – to benefit consumers and other businesses. These measures include:

  • a new Regulatory Horizons Council to advise government on rules and regulations that may need to evolve and adapt to keep pace with technology
  • a Regulation Navigator – a new digital interface to help businesses ease their way through the regulatory landscape and bring their ideas to market quickly
  • a partnership with the World Economic Forum to share best practice on getting innovative products and services to market
  • a review of the Regulators’ Pioneer Fund, which backs projects that are testing new technology in partnership with the regulators in a safe but innovative environment

Business Secretary Greg Clark said:

Almost every sector and industry is facing disruption from technological change – with the pace of change only accelerating – disrupting markets, companies and the way we work and live our lives.

Our plans will ensure the UK’s regulatory system maintains its pioneering reputation, keeping pace with cutting-edge technology – from personalised AI medicine to smart ships that can navigate the seas autonomously.

Our modern Industrial Strategy and innovative regulatory landscape will ensure the UK remains the destination of choice for those developing and bringing transformative products and services to market rapidly and safely.

Smart Data

Empowering consumers to benefit from their own data and get fair deals

Today, the government also announced the outcome of its Smart Data Review with proposed measures to ensure consumers’ data is handled with the security that they would rightly expect when agreeing to share it with third parties for offers of better deals.

Plans include the establishment of a new cross-sectoral Smart Data Function to oversee the use of smart data in different…

(Excerpt) To read the full article , click here
Image credit: source