Innovate Finance has called out the aspects of the FSM Bill that are of particular relevance to the UK FinTech sector. It calls out the Bill’s proposals on:
- stablecoin regulation and
- the FMI sandbox(es) – which Innovate Finance very much supports as a radical reform that will support innovation and allow for flexible beta testing in a way which current legislation would not permit
It also thinks the Bill could bolster the regulators’ objectives on international competition – and it includes the PSR in this, and also notes its concerns about current inconsistent interpretation of rules between FCA and FOS and welcomes the proposals on cooperation (which again it says could include the PSR given that FOS will pick up APP scam reimbursement complaints). It suggests FOS should refer issues to FCA and “take regard” of FCA’s opinion.