FIN.

Category - Fintech & Innovation

Queen’s Speech 2022 – FS elements

The Queen’s Speech 2022 outlined the government’s legislative priorities for the next parliamentary session. The measures announced include two bills of particular interest to financial services...

FCA talks of a “digital regulator”

Jessica Rusu, FCA’s Chief Data, Information and Intelligence Officer, has spoken on how FCA is building its digital regulatory future. Its work will focus on fostering innovation, being intelligence led and...

Government to regulate stablecoins

Following its consultation last year, Treasury has decided it will regulate stablecoins. It plans to bring activities that issue or facilitate the use of stablecoins that are used as a means of payment within the UK...

CMA publishes Annual Plan for 2022/23

The CMA has published its Annual Plan which explains how it will protect consumers, promote competition and help support the economy in the year ahead. It aims to encourage innovation, productivity, and sustainable...

Regulators remind firms of crypto risks

PRA and FCA have written to firms reminding them of their obligations when interacting with or exposed to crypto-assets and related services. FCA reminds firms that crypto can offer benefits but also increased risk to...

EP reports on crypto Regulation proposal

The European Parliament has published its report on the proposal for a Regulation of crypto asset service providers.  A key change is to specify that any person providing any relevant services to EU citizens must both...

ASA cracks down on misleading crypto ads

ASA has issued an Enforcement Notice to over 50 firms which advertise cryptocurrencies, instructing them to review their ads and to ensure they understand and are complying with the rules so that consumers are treated...

IOSCO consults on retail market conduct

IOSCO has published a consultation report from the Retail Market Conduct Task Force. The report looks at recent retail investor trends and the development of a regulatory toolkit to help regulators consider emerging...

FCA warns on illegal crypto ATMs

FCA has warned operators of crypto ATMs that they must shut down their machines. Any firm operating a crypto ATM in the UK must be registered under the MLRs, but no firm that does operate one has yet been approved by...

FCA updates on Green FinTech Challenge 2021

FCA has accepted 10 firms into its Green FinTech Challenge 2021 which aims to enable the FCA to take a more active role in driving innovation in products and services that will aid the transition to a net-zero economy...

ASA successfully challenges crypto ads

The ASA challenged an ad for Floki Inu, a cryptocurrency, which was made via a poster displayed on the Tube in November 2021.  The poster had a cartoon dog in a Viking helmet with text saying “Missed Doge. Get...

JMLSG comments on guidance on digital identities

The Joint Money Laundering Steering Group (JMLSG) has published an update on its website relating to the recent interest in digital identities and their use as part of AML/CFT procedures. It notes that it continues to...

UK agrees digital trade deal with Singapore

The UK has secured an agreement in principle on a Digital Economy Agreement (DEA) with Singapore. The agreement is the first digitally-focussed trade agreement signed by a European nation and was agreed after only six...

FCA delivers speech on data-led regulation

The FCA’s chief data, information and intelligence officer, Jessica Rusu, has delivered a speech on the FCA’s role as a data-led regulator. The speech explores the FCA’s response to new technologies...

FCA publishes updated complaints data

FCA has published its six-monthly set of data on complaints that firms receive.  Its latest findings include: a 7% decrease in complaints from H2 2016, with the 2.04m complaints being the lowest level since late 2016;...

EU Banking Package 2021

The European Commission has today adopted a review of the Capital Requirements Regulation (CRR) and the Capital Requirements Directive (CRD) to ensure that EU banks become more resilient to potential future economic...

Government publishes Payments Landscape Review

The government has published its response to the 2020 Payments Landscape Review: Call for Evidence. The relevant consultation, which ran from 28 July 2020 to 20 October 2020, sought views from across the sector to be...

UK Finance looks at retail CBDC

UK Finance has published a report looking at the threats and opportunities of a central bank digital currency.  The BoE says the around 95% of funds people hold to make payments are held as bank deposits rather than...

FCA launches 2021 Green FinTech Challenge

Following the success of the pilot challenge in 2018, the FCA has announced that the application window for the 2021 Green FinTech Challenge is now open. The Green FinTech Challenge is open to start-ups, incumbents and...

FCA Chair speaks on risks of token regulation

Charles Randell, Chair of the FCA and PSR has delivered a speech on the risks of regulating crypto tokens. Speech highlights include: whilst platforms’ efforts to crack down on fraudulent advertisements are welcome, a...

FCA announces new Digital Sandbox window

The FCA is opening the application window for the sustainability cohort on 6 September, with a view to opening the Digital Sandbox to successful applicants in November and access to the testing environment from January...

Regulatory sandbox now open year-round

The FCA’s regulatory sandbox is now open permanently, meaning firms can submit their applications throughout the year, rather than on a cohort basis. The FCA has also published guidance for firms applying to the...

FCA publishes Business Plan

FCA’s 2021/22 Business Plan highlights: how FCA has to change as the environment in which it operates changes and how investment in technology and changes in culture are key to this; the need to enable customers...

MEPs give green light for DLT pilot

Economic and Monetary Affairs MEPs have voted in favour of a temporary common EU pilot regime for financial services based on distributed ledger technology (DLT). The project follows a ‘sandbox’ approach...

BoE speech: A new dawn for payments

Speaking at City Week 2021, Victoria Cleland (Executive Director for Banking, Payments and Innovation at the BoE) talked about the evolution of payments systems in the UK, the BoE’s vision for the future and the...

Taskforce reports on regulatory reform

The Taskforce on Innovation, Growth and Regulatory Reform has provided its report on reshaping regulation in the UK to the Prime Minister. The report calls for: a common law approach proportionality in application...

FCA takes 13 firms into new sandbox cohort

FCA has accepted 13 firms into cohort 7 of the regulatory sandbox. It received 58 applications, mainly from firms in the retail investment and retail lending sectors. FCA was interested in proposals that saw more...

ESMA calls for evidence on digital finance

ESMA has launched a call for evidence which aims to gather information on various issues relating to digital finance. It is particularly seeking to understand: more fragmented or non-integrated value chains, which arise...

FCA speaks to FLA on post-Covid regulation

Charles Randell, Chair of FCA and PSR has given a speech to the Finance & Leasing Association in which he outlined the ways in which the financial services sector has changed post-Covid and how FCA must adapt to...

FCA delivers speech on innovation

Nikhil Rathi, CEO at the FCA, spoke at UK FinTech Week on innovation in the service of consumers and the market. Highlights include: success in financial innovation has been enabled by regulatory open-mindedness;...

FCA feeds back on Open Finance

FCA has published a policy statement following its call for input on Open Finance. The statement looks at how Open Banking is paving the way for more innovation, and notes the large number of regulatory sandbox...

FMLC responds on cryptoasset regulation

FMLC has responded to Treasury’s call for evidence on the regulation of cryptoassets and stablecoins. Unsurprisingly, it notes many legal uncertainties, not least how to identify a “token”, and...

Treasury publishes Kalifa Fintech Review

Treasury has published the Kalifa Review of UK Fintech, which launched last summer. The report sets out proposals for the UK to build on its existing strengths in the sector.  The review looks at the development...

Treasury and FCA discuss perimeter report

Treasury and FCA have met to discuss the September 2020 report on the regulatory perimeter. Discussions focused on: high risk investments and the potential need to review the current exemptions that allow marketing to...

UK and Singapore announce FTA

The UK and Singapore have announced the signing of a UK-Singapore Free Trade Agreement and negotiations on a UK-Singapore Digital Economy Agreement. For financial services, this means opportunities for UK Qualifying...

FCA publishes RDR and FAMR evaluation

FCA has published an evaluation of the impact of the RDR and FAMR. On the whole, it found a positive impact. It notes that the FAMR has: led to a small increase in the number of adults who receive financial advice, and...

FCA makes new rules

FCA’s latest Handbook Notice confirms it has made the following rules at its last 3 board meetings: changes to reflect the extension of various SMCR deadlines as a result of the pandemic (made in October); the...

FCA updates on Digital Sandbox

FCA is collaborating with the City of London Corporation on a “digital sandbox” to help innovative firms tackling challenges caused by the pandemic. FCA received 94 applications for 30 spaces on the pilot...

FCA to join global product testing forum

FCA has joined an initiative organised by the Global Financial Innovation Network, as one of 23 regulators taking part in a cross-border testing initiative of innovative products, services, business models or reg tech. ...

Crowdfunding Regulation in OJEU

The EU Regulation on Crowdfunding and the accompanying amendments to MiFID 2 have been published in the Official Journal.  It will apply from 10 November 2021. Please ask us if you’d like to see the articles...