Fausto Parente, EIOPA executive director, has spoken on managing the risks of digital finance in cyber underwriting. He spoke of the value of data to insurers in enabling them to customise customer products, but the...
Category - Fintech & Innovation
Emma RadmoreFCA publishes research report on its TechSprint Approach
The FCA has published a Research Report called “Fostering innovation through collaboration: The evolution of the FCA TechSprint Approach“. TechSprints are typically 2 day events that bring together...
Rachael PrestonFATF blacklists Iran
At FATF’s February plenary meeting it: updated its list of high risk jurisdictions. Notably, it decided Iran has not met commitments to complete its action plan, or enact the Palermo and Terrorist Financing...
FCA publishes annual sector views
The FCA has just published its annual sector views report which comprises a state of the nation in terms of the financial services industry. The report sets out the drivers for change in each financial services sector...
Jonny WilliamsUp next from FCA
The latest Policy Development Update highlights the following publications before the end of Q1 2020: policy statement on fees and levies; consultation on exit fees in investment platforms and comparable firms;...
FCA writes strategy letter to platforms
FCA’s latest portfolio strategy letter to CEOs has been sent to platforms. It starts by making the point that it expects firms will have used the SMCR to ensure clear accountability within senior management and...
Financial Services AI public-private forum
On 23rd January, the FCA published the Terms of Reference for the Financial Services Artificial Intelligence Public-Private Forum (AIPPF), which it is establishing with the Bank of England to further constructive...
FCA updates AML pages
FCA has updated its pages on AML to take account of the coming into force of the changes to the MLRs implementing MLD5 and the regime for registration of those in the cryptoasset sector. It also confirmed the...
FCA confirms crypto-AML requirements
FCA has formally confirmed that it has, as of 10 January, become the AML/CTF supervisor of businesses carrying on certain crypto-asset activities that now fall under the MLRs. It reminds market participants that no new...
UK regulators announce data reforms
The FCA has released its new Data Strategy which outlines plans to develop its data capabilities through a renewed focus on the use of advanced analytics and automation techniques. The FCA hopes this strategy, an...
Queen’s Speech highlights Brexit free trade hopes
The Queen’s Speech, as expected, highlighted Brexit, noting the priority to deliver it on 31 January, and thereafter to seek a free trade agreement with the EU and other leading global economies. The accompanying...
EU reaches political agreement on crowdfunding measures
The EU Council and Parliament have reached a provisional political agreements on the Commission’s proposal for legislation to boost crowdfunding in the EU. The framework is the 12th of the 13 pieces of the CMU...
ECB looks at privacy in central bank digital currency
ECB has published a paper looking at what is the right balance between privacy in electronic payments and compliance with AML requirements. The paper explores how a central bank digital currency payment system based on...
Regulators update on climate change action
UK and EU regulators have published papers on the regulatory response to the risks of climate change. the BoE has published a discussion paper on how it proposes to carry out its “biennial exploratory...
EVENT: Retail Banking Mixer
Bringing together professionals in the insurance, banking and other financial services sectors, we will be hosting the first of our quarterly RETAIL BANKING MIXERS at our Edinburgh office on 9th January from 4pm –...
FPC publishes latest Financial Stability Report
In its latest Financial Stability Report, the FPC has published its latest stress testing results and current view on the stability and state of the UK financial system. In addition to its comments on open-ended funds...
FCA calls for input on open finance
FCA has launched a Call for Input on Open Finance. The concept builds on the principles of open banking and extends it to a wider range of products. FCA has a vision that open finance will allow consumers and...
BIS considering prudential treatment for crypto-assets
BIS is inviting responses to a discussion paper on the design of a prudential treatment for crypto-assets, in recognition of the growth in these types of products and related services, and consequential and resulting...
Roseyna JahangirEU calls for halt on stablecoins
The European Council and Commission have called for a halt on any stablecoin arrangements in the EU, saying they should not start operating until the legal, regulatory and oversight challenges and risks have been...
FSB publishes BigTech and cloud service provider reports
The Financial Stability Board (FSB) has published two reports considering the financial stability implications from market developments in BigTech in finance, and from third party dependencies in cloud services. The...
Regulators develop work on Operational Resilience
The BoE, the PRA and the FCA have developed a joint policy summary setting out new requirements for operational resilience for regulated firms and financial market infrastructures (FMI). The work is spearheaded by...
UK Jurisdiction Taskforce confirms legal status of cryptoassets and smart contracts under English law
The UK Jurisdiction Taskforce, a group set up by the industry-led LawTech Delivery Panel, has published the results of a public consultation and legal study that considered several key questions for determining the...
Reserve your place: Tackling Financial Exclusion
Join our expert industry panel for an evening of networking and discussion focused on delivering an inclusive financial sector for Scotland. Help shape the conversation as we discuss: Are we too obsessed with a cashless...
AFME calls for crypto supervision convergence
AFME has published a paper setting out recommendations to help deliver consistent regulatory treatment of crypto-assets within Europe. It wants to establish a taxonomy; provide clear expectations for market participants...
FSB holds Paris plenary
The FSB Plenary met in Paris to review vulnerabilities in the global financial system and to discuss advances in FinTech. The Plenary also agreed its work programme for 2020. Current vulnerabilities The Plenary...
FATF consults on digital identity
FATF is consulting on the use of digital ID systems for CDD. It has published some currently unapproved guidance and is asking for views on a number of key issues. It asks for comment by 29 November.
EBA reports on potential barriers to cross-border banking and payment services
The EBA has published a report identifying potential impediments to the cross-border provision of banking and payment services in the EU. The report was developed under the EBA’s FinTech Roadmap, and calls on the...
FCA speaks on future of regulation
Nausicaa Delfas spoke on the future of UK financial regulation post-Brexit. She said FCA continued to prepare for Brexit, whatever form it takes and whenever it happens, and referenced its preparations for a no-deal...
FMLC evaluates exchange tokens
The Financial Markets Law Commission has published a report in which it evaluates some of the live issues and considerations in relation to exchange tokens and virtual currencies. The report provides an overview of...
EBA recommends enhanced online disclosure requirements
The EBA has issued an Opinion directed to the EC, setting out recommendations to revise the scope and consistency of disclosure requirements in EU law to take account of the increasing use of digital marketing channels...
FCA outlines five steps to drive the future of regulation
Christopher Woolard, Executive Director of Strategy and Competition at the FCA, recently spoke about the FCA’s thoughts on how it approaches the future of regulation. He commented that the FCA will be issuing an...
ESMA to examine reporting issues in annual financial reports
ESMA has set out the matters it will prioritise when looking at the 2019 annual financial reports of listed companies. Among the specific areas of focus, ESMA has underlined the importance of the inclusion of...
Regulatory risks of Stablecoins in focus
The emergence of global stablecoins has been a focus point over the past few days, with the FSB, FATF and the G7 Working Group on Stablecoins all publishing statements on the impact and risks of the development of these...
FCA publishes feedback statement on climate change disclosures
The FCA has published its proposals for its future work on climate change and green finance, following responses to its Discussion Paper in 2018 . In its work, the FCA will be focusing on three outcomes: Issuers provide...
FCA provides Brexit preparations update for firms
The FCA has published an update on the steps firms will be expected to take in the event that there is a hard Brexit. In particular, the FCA reminds EEA passporting firms of the need to notify the FCA by 30 October if...
Queen’s Speech suggests post-Brexit FS Bill
Among the list of legislative proposals referred to in the Queen’s Speech is laws that will provide “certainty, stability and new opportunities” for the financial services sector through a Financial...
FCA updates on Brexit preparations
In a recent speech, Andrew Bailey, the chief executive of the FCA, provided an update on the FCA’s state of preparation for Brexit, and in particular for a no-deal, no-transition Brexit scenario. However, while Mr...
No more ink? Law Commission confirms validity of electronic signatures
A Law Commission report confirms that electronic signatures can be used to execute documents as an alternative to wet ink signatures in most circumstances. There are some important exceptions and the report only relates...
Suzanne GadoEC calls for action with publication of no-deal Brexit checklist
The EC is urging EU businesses and citizens to consider whether they are prepared for the UK leaving the UK on ‘no-deal’ terms on 31 October, reminding them in this scenario there will be no transition...
Law Commission looks into intermediated securities
The Law Commission has asked all stakeholders for their views on how well the current system of intermediated securities works. Its call for evidence, which ends on 5 November, is in response to a request from BEIS to...
ESAs respond on crypto assets
EBA and ESMA have published a joint response to the Commissions’ paper on crypto-assets. The response explains the work the ESAs are undertaking, including an imminent national stock-taking exercise on the...
ASA takes action on misleading crypto ad
ASA has told HDR Global Trading to take down an ad and ensure in future that financial information was set out so as to be readily understood by the audience it was aimed at and that the risks of the relevant...
FCA’s Final Guidance on Cryptoassets published
Having issued a consultation earlier this year on its proposed guidance on categorisation of cryptoassets and the perimeter of regulated activities, the FCA has now published its finalised guidance. The FCA notes that...
Publication of AG Opinion on consequence of removing unfair terms in consumer contracts
The European Court of Justice has published the AG’s Opinion in a case concerning the effect of a declaration of unfair terms for the purposes of the Unfair Contract Terms Directive (in UK law as the Consumer...
FMLC notes uncertainty in MLD5 definition of ‘virtual currencies’
In their (late) response to the consultation of the transposition of the Fifth Money Laundering Directive into UK law, the Financial Markets Law Committee has alerted Treasury to a potentially unintended consequence in...
EC sets out position statement on equivalence decisions
The EC has published a communication about equivalence decisions (the timing of which is no doubt entirely unrelated to the ascension of pro-Brexit Boris Johnson to the Prime Ministership of the UK). The communication...
EBA FinTech report published
The EBA has analysed the regulatory landscape for FinTech firms, both in terms of activities around the regulatory perimeter and within authorisation. The report sets out the findings of this analysis, including...
FCA publishes feedback statement on fair pricing
In the context of ongoing work by both the FCA and CMA on fair pricing and loyalty penalties, the FCA has published a feedback statement setting out a framework for how it will evaluate the fairness of a given pricing...
FCA discusses AI in financial services
In a recent speech, Christopher Woolard of the FCA considered three lenses through which the FCA views the issues relating to AI: what are new, and what are existing issues; how to ensure that AI creates value for...
FCA invites feedback on Gabriel replacement
The FCA has announced that it is planning a replacement for Gabriel, its data collection system. It has therefore asked current Gabriel users to complete a feedback survey to provide views that can be considered in the...
EBA evaluates FinTech’s impact on business models of payment and electronic money institutions
The EBA has published a thematic report evaluating the impact of FinTech on the payment institution (PI) and electronic money institutions’ (EMI) business models. The report reviews key trends and drivers in the...
CMA launches digital advertising market study
The CMA has launched a study into online platforms and digital advertising. The study will focus on harm caused by consumers in connection with three areas of digital advertising: the extent online platforms (such as...
Alex LouchFCA speaks on regulating innovation
Christopher Woolard has spoken on regulating financial innovation. He explained how valuable early engagement is, and how working with innovative firms helps FCA to get a good bird’s eye view of what it should...
UK financial regulators publish climate change Joint Declaration
The FCA, PRA, TPR and FRC have jointly issued a declaration reiterating their commitment to work on the enhancement of climate-related disclosures. The Joint Declaration also welcomes the UK’s Green Finance...
UK government launch Green Finance Strategy
HM Treasury and BEIS have launched a Green Finance Strategy to meet the government’s target of reducing emissions to net zero by 2050, to boost sustainable investment, and to help make the UK a ‘green...
BIS to set up Innovation Hub
The Board of the Bank for International Settlements (BIS) has announced the establishment of a BIS Innovation Hub to foster international collaboration on innovative financial technology within the central banking...
Angie BamboulisTreasury promotes InsurTech for low-income renter help
Treasury and FCA organised an industry workshop aimed at helping low-income renters to get better access to contents insurance. Many contents insurance products are not suitable for the needs of these renters, so the...
BoE Governor outlines plans for a ‘new economy’
In his recent speech at Mansion House, Mr Carney addressed what he saw as an emerging ‘new economy’, that would be driven by a ‘new finance’. He outlined measures taken by the Bank of England to...
Chancellor outlines financial services plans at Mansion House speech
The Rt Hon Philip Hammond MP spoke at Mansion House on 20 June, and outlined government’s plan to safeguard and expand the financial services industry, despite the uncertainties of Brexit and its likely impact on...
“Not all about Brexit” says Philip Hammond
Philip Hammond, speaking at the Mansion House dinner, highlighted the many ways in which a no-deal Brexit would be damaging for the financial services industry and the UK as a whole. He noted also the political...
FCA publishes first perimeter report
FCA has published the first of what will be an annual report on its regulatory perimeter. Among other things, the report is designed to explain what challenges the perimeter is presenting and whether there might be a...
Terms of Reference of the Joint Authorities Cash Strategy Group
In line with the Government’s policy to safeguard access to cash for those who need it, whilst supporting digital payments, HM Treasury (HMT) has establish the Joint Authorities Cash Strategy (JACS) Group...
FCA speaks on tech activism
Nick Cook, FCA’s director of innovation, has spoken on the need for regulators to keep up to speed with innovation. He spoke about: the continuing success of the FCA sandbox and the high proportion of firms that...
FCA and Dutch Authority agree on closer partnership
The FCA and the Dutch Authority for the Financial Markets have agreed to work more closely together in order to protect and enhance the integrity of their financial systems. The regulators will share information to...
FSB Report on Crypto-Asset Risks
The FSB has published a report on crypto-assets, which will be delivered to G20 Finance Ministers and Central Bank Governors ahead of their meeting in Fukuoka in June 2019. In particular the report notes: the work...
FSB continues work to address decline in correspondent banking
The FSB has published an update on its ongoing work to address the decline in correspondent banking that has emerged in recent years. The latest report notes that the number of active correspondent banks reduced by 3.4%...
US and UK announce Financial Innovation Partnership
The US Department of the Treasury and HM Treasury are starting a partnership to increase collaboration between the UK and the US on financial services. The FIP will encourage the exchange of information on emerging...
FCA Call for Input on Cross-Sector Sandbox
The FCA has published a Call for Input, requesting the views of interested parties on the concept of cross-sector sandbox. Since October 2018, the FCA has engaged with a range of regulators and a small group of firms to...
IOSCO consults on Crypto-Asset Trading Platforms
The Board of the International Organisation of Securities Commissions has published a consultation report on Crypto-Asset Trading Platforms which trade crypto-assets that have been categorised as securities. The...
LawTech UK consults on crypto issues
The LawTech Delivery Panel, set up under a Government and Law Commission initiative, is consulting on the status of cryptoassets, DLT and smart contracts under English private law. The consultation notes: the...
65% of insurers to use cloud over next 3 years
EIOPA has published its study on the use of big data analytics in motor and health insurance. It had noted a strong trend towards data-driven business models throughout the insurance value chain. Insurers have always...
Jonathan DrakePaperless airports and strategic partnerships: what’s ripe for investment in fintech
Imagine walking into an airport without the need to use your passport. Mad right? But in reality, this is already happening. AI and the provision of strategic relationships by investors in the fintech sector are making...
Treasury publishes digital economy responses
Treasury had published a summary of the responses it received to its consultation on cash and digital payments in the new economy, which closed last year. It received 218 responses. Key themes are: the government...
BoE speaks on embracing Fintech
Dave Ramsden has spoken at the Innovate Finance Global Summit, stressing the importance of fintech, and of BoE’s ability to keep on top of developments. He spoke of the anniversary of the BoE Fintech Hub and...
FCA heralds Innovate success
Christopher Woolard has spoken on FCA’s continuing work to promote innovation. As part of its drive, it has published an evaluation of its Innovate services, which have now supported nearly 700 firms. FCA...
FSB updates on market issues
FSB, in its latest plenary meeting, discussed: current vulnerabilities in the global financial system; developing a surveillance network for potential vulnerabilities; areas where supervisory policies and practices...
FCA publishes research agenda
One of the documents that accompanied FCA’s Business Plan is its Research Agenda. This sets out its intentions in respect of the themes that underpin the Business Plan. The document explains how FCA welcomes...
FCA prioritises culture, customers and crime prevention
FCA’s Business Plan for 2019/2020 holds few surprises. It highlights 4 ongoing cross-sector priorities and three additional longer-term priorities. FCA will focus on: culture and governance, not least in SMCR...
Wholesale brokers ignore Dear CEO letter at their peril
FCA has written a Dear CEO letter to wholesale brokers setting out its thoughts on the key harms the sector poses. The letter explains that MiFID 2 and MAR have significantly raised expectations on market participants...
EU launches new fintech platform forum
The European Commission and ESAs have announced the launch of the European Forum for Innovation Facilitators (EFIF). There are currently 21 innovation hubs and 5 regulatory sandboxes in the EU, and the regulators want...
FCA publishes final no-deal Brexit rules
Perhaps in anticipation of what would follow later in the day, FCA published its final instruments and guidance that would apply in the event of a no-deal, no-implementation period Brexit, on the morning of 29 March...
EIOPA reviews InsurTech authorisation in the EU
EIOPA has published a report on current authorising and licensing approaches to financial innovation, including InsurTech startups and peer-to-peer insurance. The report identified that while the EU market for InsurTech...
EIOPA to prepare guidelines on outsourcing to cloud service providers
As part of its response to the European Commission’s FinTech Action Plan, EIOPA has published a report setting out: a summary of the current NSA work on cloud computing, an analysis of the current EU (re)insurance...
FOS letter to Treasury Committee on reasonable adjustments under the Equality Act
On 26th March 2019, the House of Commons Treasury Committee published a letter from Caroline Wayman (FOS Chief Ombudsman and Chief Executive) to Nicky Morgan (Committee Chair) setting out the requirements to make...
FCA looks at life beyond Brexit
In a speech on Brexit delivered by Nausicaa Delfas, Executive Director of International, the FCA reminded firms that the deadline for notifications under the temporary permissions regime is 28 March 2019. Firms that...
BIS reports on central bank digital currencies
The BIS Committee on Payments and Market Infrastructures and the Markets Committee have published a joint report central bank digital currencies (CBDC). The report sets out the findings of research conducted by the...
FCA Update on Digital Regulatory Reporting
The FCA has updated its webpage on digital regulatory reporting (DRR) by publishing – a video which explains the concept of DRR and outlines the work carried out by the DRR pilot group; a report which sets out an...
BCBS Statement on crypto-assets
The Basel Committee on Banking Supervision has published a statement on crypto-assets. The Committee acknowledges that while the crypto-asset market remains small relative to that of the global financial system, and...
What the Spring Statement brings for regulation
In the Chancellor’s Spring Statement, the Chancellor referred to the need to ensure financial regulation can adapt to a no-deal Brexit and then, longer term, to the UK’s new constitutional position.
EBA Working Group on PSD2 APIs: first set of clarifications published
Following the first meeting of the EBA Working Group on APIs under PSD2, the EBA has published the first set of issues identified and consequent clarifications. The issues relate to the testing environment mandated by...
FCA publishes research on consumer attitudes to cryptoassets
The FCA has published a survey and qualitative research they commissioned to examine UK consumer attitudes to cryptoassets. Although the research revealed a prevailing lack of understanding about cryptoassets, it also...
FCA writes to P2P platforms on wind-down plans
FCA has written a Dear CEO letter to loan-based P2P crowdfunding platforms asking them to review their wind-down arrangements. It has recently carried out a sampling exercise which it says strongly suggests that some...
EU agrees draft directive to enhance consumer protection
The EU has agreed the terms of a draft directive that, if passed, will amend a number of consumer protection directives, including the consumer rights directive (2011/83/EU), to introduce measures such as: harmonised...
BoE and FCA update on Brexit approach
BoE and FCA have updated their respective websites with coordinated information on their approach to a hard Brexit. BoE has published a series of materials setting out its updated plans to its supervisory approach to a...
Court rules that Brexit is not frustrating event for a lease
The High Court has ruled that a European agency cannot terminate the lease of their premises at Canary Wharf on the basis of Brexit being a ‘frustrating event’. Our article provides more detail on this case...
FIN. TeamFSB asks if BigTech will shake up FinTech
FSB has published a report looking at FinTech market developments in the financial system and what that might mean for financial stability. It is generally excited by the possibilities that FinTech offers and says...
ESMA creates Brexit page
ESMA has created a new web-page on Brexit, setting out how it is preparing for it. Its latest agreement is a MoU with BoE for recognition of CCPs and the Central Securities Depository. It aims to recognise all UK CCPs...
Treasury lays Brexit FS SI before Parliament
Treasury has laid before Parliament the Financial Services (Miscellaneous)(Amendment)(EU Exit) Regulations 2019. The wide-ranging instrument amends several pieces of UK and retained EU law relating to financial...
‘Global sandbox’ pilot invites applications
A group of 29 international regulators and bodies, including the FCA, has opened a cross-border pilot sandbox. Applicants that want to test innovative products and services across international markets are invited to...
Treasury Committee launches post-Brexit FS inquiry
The Treasury Committee has started a new inquiry looking at financial services in the UK after Brexit. Its focus is to look at: what the UK’s financial services priorities should be when negotiating the UK’s...
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