The Financial Conduct Authority is proposing new rules for those that offer cash savings; under the plans, financial institutions will...
Anew approach to the FCA and how they interact with fintech, focusing on fostering innovation, being intelligence-led, and preparing for the future.
A new approach to the FCA focuses on fostering innovation, being intelligence-led, and preparing for the future. ...
The Financial Conduct Authority's Director of Strategy and Competition Christopher Woolard has reported some concerns over fintech regulations globally; in a speech at the Innovate Finance Global Summit in London, Woolard specifically discusses fintech sandboxes noting concerns about establishing them before any government regulatory standards are in place and suggesting that countries institute some guidance before introducing sandbox initiatives; the UK has been a leader in sandbox innovation and the country plans to publish a full report in May on its first sandbox initiative. Source
The UK's Financial Conduct Authority (FCA) released a discussion paper on blockchain that looked to better understand the new technology and how it can be used in financial services; key takeaways from the paper include the ability to cut costs and remove certain back office operations to streamline processes and increase the speed of reconciliation; while there are many potential benefits, the FCA still wants to ensure the risks don't outweigh the benefits; the FCA is also looking at how they might regulate blockchain, they typically regulate the application of technology but to ensure what they are calling "sensible development" they might consider regulating the actual ledger technology. Source
The UK’s Financial Conduct Authority (FCA) has warned operators of crypto ATMs in the country to shut their machines down or face enforcement action.
The Financial Conduct Authority (FCA), the United Kingdom's financial industry watchdog, has raised the alarm on advanced forex trading platform, Profit FX.
P2P lenders in the UK will be required to give information to investors on loan performance; the new measure is expected to be announced this year with implementation not likely until mid-2018; both information on delinquent loans and due diligence were included in the FCA's interim consultation paper; the latest review by the FCA is the second in two years. Source
The FCA is to use new powers to more swiftly cancel or change what regulated activities firms are permitted to do, .
The Financial Conduct Authority released its interim update on crowdfunding rules last week; the update reported that the regulator would be scrutinizing numerous factors pertaining to P2P lending in the UK; one such factor, discussed by the Financial Times, includes the disclosure of loan performance; the introduction of provision funds has caused this disclosure to potentially be misleading for investors; in some cases platforms use provision funds to cover defaults for borrowers; this action could potentially lead to better than actual loan performance on the loans. Source