Category Crowdfunding

John Griffith – Jones leaving the FCA

John Griffith – Jones has confirmed that he will leave both the FCA and the PSR at the end of his term of office on 31 March 2018.

EBA provides draft response to EC consultation on Fintech

The EBA has produced a draft response to the EC’s consultation on ‘Fintech: a more competitive and innovative European Financial Sector.’ The response sets out the EBA’s views on questions in the consultation paper that fall within the scope of the work of the EBA. The EBA provided responses on the following topics: Big data […]

Up next from FCA

FCA’s latest policy development update  provides information on its recent and upcoming publications. Only one key publication is shown as scheduled for June –  a policy statement on enhancing conduct of business rules for firms providing cfd products to retail clients. The policy statement on the first CP on IDD implementation is due in September, but there is […]

FCA publishes quarterly consultation

FCA’s latest quarterly consultation proposes changes to: TC to update the list of appropriate qualifications; SUP to clarify how the requirement to have a client assets report applies to loan-based crowdfunding platforms – primarily to clarify FCA’s expectation that these firms appoint an auditor to prepare and submit a client assets report; and also to […]

ESMA responds on Fintech

ESMA has responded to the Commission’s consultation on Fintech. It sees Fintech as a positive evolution so long as business models continue to aim to improve the customer experience and financial inclusion. It identifies some concerns that it thinks need to be addressed, including: the risks (from a market integrity and investor protection standpoint) and costs […]

FATF FinTech and RegTech forum 2017

On 30 May 2017, the Financial Action Task Force (FATF) published a summary of its FinTech and RegTech forum, which was held on 25 and 26 May 2017. The forum discussed developments in FinTech and RegTech, including peer-to-peer transfers, crowdfunding, distributed ledger-technology or blockchain-based services, analytical tools, KYC utilities and digital identity.

FSB and CGFS publish joint report on the functioning of FinTech credit markets

On 22 May 2017, the Financial Stability Board (FSB) and the Committee on the Global Financial System (CGFS) published a report on FinTech credit. FinTech credit – that is, credit activity facilitated by electronic platforms such as peer-to-peer lenders – has generated significant interest in financial markets, among policymakers and from the broader public. Yet […]

ESMA speaks on Regtech

ESMA has spoken on how the financial services industry has adopted Regtech. Patrick Armstrong looked at the changes in how we work that have been subject to almost constant change in the past 10 years. Yet, he said, many institutions that survived the financial crisis still have in place antiquated IT systems that are ineffective, […]

Up next from FCA

FCA’s latest Policy Development Newsletter promises only a policy statement on enhancing COB rules for firms providing CFDs to retail clients following before the end of June. Many other papers are due later in the year, or with a publication date to be confirmed.  Strangely (in the version published on 5 May), there is no […]

FCA publishes Mission Statement and Business Plan

FCA’s latest Mission and Business Plan contain few surprises, but indicate a lot of work in diverse areas. The Mission, which takes into account stakeholder views, seeks to explain to firms how and why FCA prioritises its focus to meet its statutory objectives. It stresses that it regulates to promote the public interest and with […]