FIN.

Category - Fintech & Innovation

FSB 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...

FCA Cryptoassets consultation published

The FCA is consulting on draft guidance on activities that the FCA regulates in this area. Noting that this is an area in which investor activity is on the increase, and where there is still uncertainty about where the...

FCA publishes sector views

FCA has published its “Sector Views” setting out its observations from monitoring its 7 selected sectors of: retail banking retail lending general insurance and protection pensions and retirement income...

ESAs advise on crypto approach

ESMA and EBA have published papers on ICOs and crypto-assets. The ESMA paper clarifies which crypto-assets currently qualify as financial instruments and provides its views on gaps and risks. The paper identifies...

ESAs report on sandboxes

The ESAs have published a joint report on regulatory sandboxes and innovation hubs. The report shows that 24 EEA Member States have developed hubs but only 5 have regulatory sandboxes. As a result of the study the ESAs...

FOS consults on plans for 2019/20

The FOS has published a consultation on its plans and budget for 2019/2020. It notes that from April 2019, its jurisdiction will be expanded by the addition of two significant areas of work: complaints made by SME...

EBA publishes further PSD2 guidelines

The EBA has published final Guidelines on the exemption from the fall back mechanism requirement under the RTS on Secure Customer Authentication and Common and Secure Communications (Commission Delegated Regulation (EU)...

DExEU publishes draft political declaration

On 22 November 2018, DExEU published the Draft Political Declaration setting out the framework for the future relationship between the United Kingdom and the European Union (“Draft Declaration“). The Draft...

FCA speaks on AI and financial crime

Rob Gruppetta has spoken on FCA’s views on the use of innovation, data and algorithms to help it in its supervision of, and approach to, financial crime prevention. He said that FCA is always open to innovation...

FCA consults on fees and levies

FCA is consulting on policy proposals for its proposed regulatory fees and levies for 2019/2020. Among the proposed changes is a plan to streamline the process of setting consumer credit fees by exemption community...

DexEU announces Brexit progress

The Department for Exiting the EU published a press statement alongside the announcement on 14 November that the UK and EU negotiating teams had reached an “in principle” agreement on the Withdrawal...

Cryptoassets task force publishes report

The Cryptoassets task force, led by Treasury, has published its report on the UK’s policy and regulatory approach to cryptoassets.  The report looks at the policy and regulatory implications of DLT and...

Treasury plans transitional regulatory tool

Treasury has set out its plans for a temporary transitional tool for the UK regulators to use that will enable them to phase in the requirements for UK firms that will change under the raft of onshoring legislation...

FCA speaks on crises

Charles Randell, speaking at AFME’s conference, highlighted the damage that a cycle of deregulation, crisis and regulation can do. He discussed in particular the risks of deregulation, or the choice not to apply...

FCA consults on PSD2 SCA-RTS approach

As part of its implementation of PSD2, the FCA has published a consultation on  matters relating to the Regulatory Technical Standards for strong customer authentication and common and secure open standards of...

Commons calls for crypto-asset regulation

The Treasury Committee has published a report, in which it describes its unanimous support for regulation for the “Wild West” crypto-currency market. The report outlines all the problems and dangers the...

ESAs report on financial advice automation

The joint committee of ESAs has published the results of its monitoring exercise on automation in financial advice. The ESAs found that automation is growing but that there are still only a limited number of firms and...

FSB launches peer review of LEIs

The Financial Stability Board has published the Summary Terms of Reference of a thematic peer review of the implementation of the Legal Entity Identifier. The thematic review seeks feedback from a range of stakeholders...

FCA announces GFIN creation

FCA has announced the creation of the Global Financial Innovation Network (GFIN), in collaboration with 11 other regulators and organisations. This builds on FCA’s plans for a global regulatory sandbox and will...

PSR reports on contactless mobile payments

The Payment Systems Regulator has published a report on contactless mobile payments (CMPs). It sees this as a growth area as people become more comfortable with using it, more contactless pay-points are available and...

FCA publishes Annual Report

FCA has published its Annual Report and Accounts for 2017/18. The report includes details of: FCA’s work preparing for Brexit; key regulatory changes such as MiFID 2 and PSD 2; work on SMCR extension; thematic...

FSB looks at crypo-asset market monitoring

The Financial Stability Board has reported to the G20 Finance Ministers and Central Bank Governors on its work in relation to crypto-asset markets. It has worked with the CPMI to set up a framework for monitoring the...

FATF/MENAFATF update in plenary

FATF and the Middle East and North African FATF have held their third plenary meeting. The meeting updated on a wide range of issues, including discussion on several typology reports and discussion of mutual evaluation...

PRA writes to CEOs on crypto-risks

Sam Woods has written a “Dear CEO” letter to CEOs of all dual-authorised firms on exposures to crypto-assets. PRA understands firms may already have limited exposure to such assets, and is writing to clarify...

EIOPA opens InsurTech Insight survey

EIOPA is inviting the insurance industry as well as those not directly active in the insurance value chain to provide views on InsurTech, which they define as ‘technology-enabled innovation in insurance that could...

FOS Annual Review published

The FOS has published its Annual Review for 2017/2018. Many of the complaints statistics highlight products that are the subject of ongoing regulatory scrutiny and activity: the FOS notes significant increases in...

FCA speaks on technology in combating crime

Megan Butler has spoken at the AML TechSprint event. She focused on how data and technology can help to detect and disrupt criminal activity and how financial institutions staff can help in the fight against financial...

Treasury responds on cheque imaging

Treasury has published its response to its consultation on cheque imaging. It received 15 responses, and engaged with 4 other institutions. All agreed that a copy of a cheque should be made available to customers on...

FATF discusses FinTech and RegTech

FATF has updated on recent discussions with the FinTech and RegTech sectors. It has recently focused on: using digital IDs for CDD. Institutions increasingly use this, and discussions focused on whether there is any...

EU updates on retail product distribution

The European Commission has reported that consumers still face some obstacles when trying to compare investment funds, life insurance or personal pensions. The report finds that recent EU measures, such as MiFID 2 and...

UK and US announce working group creation

HM Treasury and the US Treasury Department have announced the formation of a Financial Regulatory Working Group, to formalise engagement on bilateral regulatory cooperation. The group is scheduled to meet twice a year

Non-bank PSP joins Faster Payments

The Bank of England has announced that TransferWise, an FCA-regulated non-bank PSP has joined Faster Payments as a direct participant. This is the first non-bank PSP to join a UK payment system settling in central bank...

FCA and PRA publish business plans

The FCA and the PRA have both published their business plans for 2018/2019. The FCA’s business plan shines a spotlight on consumer protection, including in relation to pension products and high-cost credit, as an...

FCA clarifies cryptocurrency regulatory status

FCA has clarified its views on the regulation of cryptocurrency derivatives. It has previously explained that cryptocurrencies are, of themselves, not regulated although they may be part of other regulated products or...

Blockchain: Game Changer or Game Over?

Please join us for our Fintech and Insurtech Forum in London on 10 May. An expert panel will discuss the latest blockchain trends and breakthroughs. Attendance is free and you can register via our website.

UK Finance looks at DLT and identity validation

A paper published by the Whitechapel Think Tank, supported by UK Finance, looks at how technology can help the safe validation of identity and verification. It examines how distributed ledger technology can provide a...

FATF reports to G20

FATF has reported on its work and priorities to the G20 Finance Ministers and Central Bank Governors meeting. The report covers its recent and future work on key initiatives, including improving transparency in...

FPC updates financial stability outlook

In its latest meeting, the Financial Policy Committee focused on: the outlook for UK financial stability generally: it thought these were standard, excepting the Brexit risks, with risks from global vulnerability still...

FCA looks back on past 5 years

John Griffith-Jones has reflected on FCA’s first 5 years of operation, since it took over from the FSA.  He outlined: highlights – specifying FCA’s engagement with pension exit charges, general...

FCA surveys firms passporting into UK

As part of its preparation for Brexit, the Government announced in December 2017 that it would, if necessary, introduce legislation to enable a ‘temporary permission’ scheme for EEA firms and funds which...

Treasury launches digital currencies inquiry

Treasury has announced an inquiry into the role of digital currencies in the UK. It will look at DLT and its potential impact on financial institutions and the infrastructure, and will look at the regulatory response to...

TIA launches asset management accelerator

The Investment Association has announced its new FinTech accelerator for the asset management industry, to be called Velocity. It will launch later this year and will take two cohorts per year of between 4-8 firms, and...

FCA and CFTC sign FinTech MoU

FCA and the US CFTC have signed a memorandum of understanding to collaborate on FinTech initiatives powered through FCA’s Innovate and CFTC’s LabCFTC processes.

FCA seeks views on tech in reporting

FCA has launched a call for input on using technology to make regulatory reporting easier. It refers to its 2017 “TechSprint” in which it brought together firms and technology companies to look at challenges...

FCA consults on global sandbox

FCA’s regulatory sandbox has supported 60 firms with innovative ideas since its launch in 2016. To date, it has allowed firms to conduct tests in the UK only, but FCA is now planning to expand it and is seeking...