Tag Archives: innovation
‘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 submit applications to the UK part of the Global Financial Innovation Network (GFIN). The deadline for applications is 28 February 2019.
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 have recommended some statements of best practice for national authorities to follow in designing and operating their […]
FCA Speech on key issues identified by the Cryptoassets Taskforce
The FCA has published a speech by Christopher Woolard, Executive Director of Strategy and Competition at the FCA, delivered at the Regulation of Cryptocurrencies event on 20 November 2018. The speech highlights the key issues identified by the Cryptoassets Taskforce (consisting of the FCA, HM Treasury and the Bank of England) in its report published at the […]
FCA and PSR Chair discusses potential future algocracy
Charles Randell, the recently appointed Chair of the FCA and the PSR, has delivered a speech, in which he discussed the increasing dominance of algorithms in our day to day lives, and noted some of the consequent issues that will need to be grappled with, as the rise of Big Data, AI and machine learning […]
ESAs publish CDD opinion
The joint committee of the ESAs has published an opinion on the use of innovative solutions towards CDD. The opinion forms part of wider work on the “responsible and effective” use of innovation to enhance AML/CFT controls. The opinion looks at the balance between making controls more efficient against potentially weakening AML/CFT safeguards. The ESAs’ […]
Treasury sets out long term approach to asset management
Treasury has revealed its “Investment Management Strategy II“, which sets out the Government’s priorities to ensure the UK remains a globally competitive sector for asset management. The approach focuses on six principles: establishing Centres of Excellence to strengthen the talent pipeline continuing to develop Fintech solutions such as blockchain enabled digital funds working to attract international […]
EPC consults on mobile contactless card payments
The European Payments Council (EPC) has launched a three month consultation on the Mobile Contactless Single Euro Payments Area Card Payments Implementation Interoperability Guidelines (MCP IIGs). EPC has updated the MCP IIGs with the help of stakeholders from the mobile contactless payment industry, with the aim of standardising a smooth and secure means of mobile contactless […]
BoE publishes revised Settlement Account Policy
BoE has published a revised Settlement Account Policy to include non-bank PSPs in its real-time gross settlement (RTGS) system. It wants these changes to allow non-bank PSPs to compete on a more level playing field with banks as it will reduce the dependence on them for access to payment systems. This policy change is designed to […]
FCA announces RTGS extension
FCA has announced that BoE is extending access to settlement accounts in its real-time gross settlement (RTGS) system to non-bank payment service providers (NBPSPs). This will enable NBPSPs to have direct access to the UK’s sterling payment systems. In the first instance an NBPSP applying for RTGS access will have their application reviewed by the […]
meps call for acceleration of eu fintech development
Economic and monetary affairs committee MEPs want the EU to accelerate the development of financial services enabled by new technologies (FinTech). Their key priorities are: Cybersecurity and data protection: the need for end-to-end security across the whole financial services value chain and to create more awareness among the consumers regarding the value of their personal […]
FCA speaks on the next phase of Project Innovate
On 10 April 2017, Christopher Woolard, the FCA’s Executive Director of Strategy and Competition delivered a speech at the Innovate Finance Global Summit in London. The speech considers the work of the FCA’s Project Innovate to date including the Regulatory Sandbox initiative. Mr Woolard explained the FCA’s commitment to supporting innovation and its desire for […]
FCA publishes discussion paper on distributed ledger technology
The FCA has published a discussion paper on distributed ledger technology (DLT). The discussion paper describes DLT and acknowledges blockchain as a type of DLT. The FCA invites a discussion on two sets of issues: What new risks and opportunities does DLT present to the FCA’s statutory objectives of market integrity, consumer protection and competition? Can DLT […]
Treasury speaks on Fintech
Simon Kirby, Economic Secretary to the Treasury, spoke at the LSE Global Fintech Investor Forum where he emphasised UK dominance in Fintech innovation. Mr Kirby gave three examples of what others envy in the British system: FCA’s regulatory sandbox, the Bank of England’s Fintech Accelerator and the Fintech Delivery Panel. He also mentioned the Open […]
IAIS highlights Fintech impact
The International Association of Insurance Supervisors (IAIS) has published a report looking at the possible impact of Fintech on key parts of the insurance industry. It says innovations could fundamentally change the way in which the sector serves policyholders, so regulators must be alert to changes and risks. IAIS is concerned Fintech may reduce competitiveness […]
UK and Japan to co-operate on innovator firms
In the latest co-operation agreement between UK and AsiaPac regulators, FCA has exchanged letters of co-operation with the Japanese Financial Services Agency, under which the regulators will provide a regulatory referral service for innovative firms wishing to enter the Japanese market from the UK and vice versa.
FCA announces HK cooperation
FCA has signed a MoU with the Hong Kong Monetary Authority to enable the authorities to collaborate on a number of initiatives such as referrals of innovative firms, joint innovation projects, information exchange and experience sharing. The announcement follows similar agreements with Australia, Singapore, South Korea and China. The aim is to encourage UK firms […]
FinTech bridge to China agreed
Announced as part of the 8th annual UK-China Economic and Financial Dialogue at Lancaster House in London this month, the FCA has signed a Co-operation Agreement with the People’s Bank of China in a bid to share information on promoting innovation in financial services. This is the fourth co-operation agreement signed with AsiaPac countries this […]