Tag Archives: sandbox
FCA discusses mortgage enforcement and competition issues in Building Societies speech
The FCA’s Director of Supervision, Jonathan Davidson, has delivered a talk on Building Societies and the Future of Retail Banking at the Building Societies annual conference. In his speech, Jonathan raised the issue of whether the historically low repossession rates was actually a concerning indication: whether forbearance should be offered in cases where the borrower […]
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 views on the creation of a global sandbox. This would allow firms to conduct tests in […]
FCA updates on high-cost credit sector
Following a Feedback Statement in which FCA identified key areas of concern in the high-cost credit sector, it has published an update on the work undertaken since the July 2017 publication. This presents an emerging picture for intervention in some markets, but equally a limitation on what can be achieved through traditional regulatory intervention. The […]
FCA updates on sandbox
FCA has updated information on its regulatory sandbox. It says the sandbox’s popularity is increasing and larger numbers of firms both applied for and were accepted for testing in cohort 2. FCA has named the 24 firms that are ready to begin testing shortly and describes the services they are testing. A wide range of […]
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 […]
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 […]
FCA updates on sandbox use
FCA has published a list of firms who it allowed to begin testing new products in its regulatory sandbox. It received 69 applications in its first wave, of which it accepted 24. Successful applicants range from the largest banks to early-stage start up firms. The products being tested include e-money and payment services, a semi-automated […]