Recommendation 96

We received evidence that the regulators themselves cannot drive innovation but can facilitate it by providing the latitude and regulatory frameworks that firms need to innovate. Sandra Boss, Chair of BlackRock UK, told us: “It is important to understand that regulators cannot cause innovation. Regulators should be apprised of innovation and should encourage innovation, but need not impede innovation.” 157 TheCityUK told us that, “Greater pace and a dynamic approach to policymaking, in partnership with industry”, 158 will be required to enable innovation. Authorisations and innovation