FIN.

Category - Fintech & Innovation

FCA speaks on international collaboration

Ashley Alder has spoken on the importance of collaboration in international financial services. He touched on the UK-EU MoU and current IOSCO initiatives. He spoke of global initiatives such as climate and...

FCA to launch Digital Sandbox permanently

Following successful pilots, FCA’s Digital Sandbox will be made permanently available on 1 August 2023. Until now, the platform has only been available on a temporary basis to institutions participating in FCA...

LSB publishes SME green finance report

LSB has published a report highlighting challenges in the SME green finance market and exploring how banks and lenders can support their customers to become more sustainable. The report concludes that while demand for...

FSM Bill gets Royal Assent

As expected, the Financial Services and Markets Act 2023 got Royal Assent on 29 June.  Heralding it, Treasury described its key features as: bringing the ability to tailor financial services regulation to fit UK markets...

FSM Bill completes Parliamentary process

The FSM Bill returned to the Lords for consideration of the few amendments the Commons had made.  These were agreed, and so the Bill has completed its Parliamentary passage and now awaits Royal Assent. It is expected to...

Read our deep dive into dark patterns guide

We have published our deep dive into dark patterns, covering: an introduction to what dark patterns are and how they work; a guide to navigation of the regulation of dark patterns in the UK, EU and US; and examples of...

Lords passes FSM Bill

The FSM Bill has had its third reading in the Lords, and has been passed and returned to the Commons as amended in the Lords.   The Commons now needs to consider the Lords’ amendments, and, if all is agreed, the...

FSM Bill: Lords Report stage day 3

Day 3 of the debate on the FSM Bill at Lords Report stage included: a debate on forest risk commodities, which was approved on a vote; a proposal for a number of amendments relating to liability of PSPs for fraudulent...

Treasury concludes FSF review

Treasury has formally concluded the FSF review, following the publication of its December policy statement.  FCA has updated its website to reflect what it will be doing to  help deliver on the changes, including how it...

Parliament debates FPO amendments

The House of Lords has been debating the draft statutory instrument amending the FPO to bring promotions of crypto assets within scope. The proposal, which includes extending appropriate exemptions to crypto-promotions...

FCA speaks on regulation and Fintech

Emily Shepperd spoke at City Week on how the FCA, and regulation generally, can help firms innovate and embrace Fintech. She spoke of challenges to the traditional banking model and what banks had done to address them...

PSR speech: Innovate Finance Global Summit

Aidene Walsh, Chair of PSR, has delivered a speech at the Innovate Finance Global Summit on innovation from a regulatory perspective and promoting development in payment systems. The speech referred to recent headlines...

FCA to lead GFIN Greenwashing TechSprint

FCA is inviting all UK firms interested in participating in the GFIN’s first ever greenwashing TechSprint to apply for it.  FCA is leading the initiative involving 13 regulators and 80 international organisations...

Government publishes AI white paper

The Government has published a white paper setting out a new approach to regulating AI in such a way as to build public trust in new technologies. The paper proposes 5 principles to guide the use of AI in the UK and...

Draft FPO amendments

Draft amendments to the FPO have been published, which would: create a new exemption for crypto exchange and wallet providers who are registered with FCA for AML purposes but not authorised under FSMA, which will allow...

FSM Bill 9th Grand Committee session

The 9th Lords Grand Committee session on the FSM Bill took place on 21 March. Topics debated were: the proposal to limit the powers of PRA to prevent a matching adjustment being applied to a portfolio of high risk or...

Pro-innovation Regulation of Technologies

HM Treasury has published the report presented by Sir Patrick Vallance, the Government Chief Scientific Adviser, on Pro-innovation Regulation of Technologies Review: Digital Technologies. The report highlights the...

House of Lords updates on FSM Bill

Ahead of the seventh day of debate on the FSM Bill in the Grand Committee, the House of Lords has published: a new list of amendments; a letter promised by Baroness Penn to all members on matters raised at the second...

Regulators update Regulatory Initiatives Grid

The Financial Services Regulatory Initiatives Forum has published the sixth edition of the Regulatory Initiatives Grid. The edition was due last November, but has been held back to allow the regulators to consider how...

FSB outlines priorities for the year

The Financial Stability Board has written to G20 Finance Ministers and Central Bank Governors outlining its priorities for the year. At the G20 meeting on 24-25 February, it plans to present papers on: non bank...

FCA feeds back on synthetic data

FCA has issued its feedback statement following its call for input on synthetic data. The call for input looked to probe how best to access quality data to help develop new products and services while protecting...

BoE speaks on digital pound

Sir Jon Cunliffe has spoken on the digital pound, as the BoE and Treasury launched their consultation. He noted that, while no firm decision can be taken on implementing the digital pound, the taskforce is now moving to...

Treasury and BoE consult on digital pound

Treasury and BoE are consulting on the potential creation of a digital pound, which would be issued by the BoE. It would be interchangeable with cash and could be used for in-store and online payments. No formal...

Treasury consults on crypto regulation

Treasury has published its long-awaited consultation on its plans to regulate cryptoasset activities in the UK. The consultation, which also includes a call for evidence and is accompanied by Treasury’s response...

FSM Bill Grand Committee stage starts

The first day of the Lords Grand Committee hearing on the FSM Bill took place on 25 January.  There are now 6 dates scheduled in total, with sittings taking place now on 30 January, then 1, 6, 8 and 20 February.  195...

FCA speaks on “better foundations” in AI

Jessica Rusu, speaking at the Alan Turing institute, has addressed the critical considerations for the best use of AI in financial services.  She said that: AI regulation in financial services needs to be built on a...

Parliament to debate crypto regulation

A debate on the regulation of cryptocurrencies is set to take place on Wednesday 25 January, led by Dr Lisa Cameron. The House of Commons has published the debate pack which sets out the issues and topics which will be...

FSMB completes second reading in Lords

The FSMB had its second reading in the Lords on 10 January.  Baroness Penn, leading for the Government, summarised the importance of the Bill and its overarching aims, which she described as: implementing the outcomes...

UK Finance publishes crypto regulation report

UK Finance has published a report it has produced with KPMG looking at how the UK regulatory framework can address unbacked cryptoassets.  The report gives an overview of the current UK regulatory landscape and looks at...

FSM Bill – Lords dates announced

The FSM Bill as amended after its passage through the Commons has now had its first (routine) reading in the Lords.  The Lords’ second reading has been set for 10 January 2023.

FSM Bill report stage

As scheduled, the FSM Bill had its report stage on 7 December and, eventually, at nearly 7pm, the Third Reading of the Bill took place and was agreed to. The Bill now moves to the Lords. While we still await the new...

FSM Bill report stage on 7 December

The FSM Bill is to have its report stage and third reading in Parliament on 7 December, after receiving the Bill with amendments from the Public Bills Committee. It is possible for Parliament to make amendments at...

BoE speaks on digital currencies

Sir Jon Cunliffe has spoken on recent crypto market developments. He started with an overview of the failure of FTX and looking at how regulation could impact on activities such as those FTX carried out. He noted that...

Law Commission consults on DAOs

The Law Commission has published a call for evidence, seeking information about how decentralised autonomous organisations (DAOs) should be characterised and how the laws of England and Wales might accommodate them in...

FCA reacts to FTX failure

FCA has noted that UK customers of FTX may be alarmed following its provisional liquidation in the Bahamas and filing for bankruptcy in the US. It had previously warned customers that FTX is not regulated in the UK and...

Final day of FSMB debate published

In the morning and afternoon of the final day of the Public Bills Committee debate on the FSM Bill, the remaining tabled new clauses were discussed: that the Chair of the PSR should be a member of the FCA board:  this...

Andrew Griffith letters on FSMB

The House of Commons has published a letter from Andrew Griffith on the FSM Bill dated 10 October to Tulip Siddiq and Abena Oppong-Asare. The letter followed the second reading of the Bill and addresses: the...

PRA speaks on growth and competitiveness

Sam Woods has spoken at Mansion House on how prudential regulation can contribute to the competitiveness of the UK as a financial centre, and to economic growth.  He confirmed PRA’s support for the FSM Bill...

Highlights of FSMB debates from 25 October

The 3rd and 4th sittings of the Public Bill Committee debate on the FSM Bill took place on 25 October.  After the evidence sessions from witnesses on 19 October, the line-by-line scrutiny of the Bill has now started...

Further FSMB revisions released

Parliament has published the latest raft of proposed amendments to the FSM Bill. These include: a change to the very first sub-clause, replacing the revocation of the EU and EU-derived legislation in the schedule so...

FSMB Committee stage timetable published

Following the announcement that the Committee stage in the Commons will begin on 19 October, a timetable for the sessions has now been published. Key witnesses scheduled to appear on that day include BoE, PRA, FCA and...

FSMB Committee stage scheduled for 19 October

An update to the Parliament website shows the Committee stage for the Financial Services and Markets Bill will start on 19 October.  After the line by line debate is complete, the Bill will be republished for report...

BoE consults on AI discussion paper

The BoE is consulting on its discussion paper about how artificial intelligence (AI) may affect financial regulation. The discussion paper looks at how the current regulatory framework applies to AI; it considers how...

FCA revamps Digital Sandbox page

FCA has updated its support page on its website relating to the Digital Sandbox to explain more clearly what it offers and how to apply (although it is currently closed for applications)

FCA speaks on role of regulation in growth

Sarah Pritchard, Executive Director at FCA, has spoken on the regulator’s role in encouraging growth.  Key points in her wide-ranging speech included: FCA’s commitment to showing speed and agility, providing...

Government approach to crypto

The House of Commons library has released a research briefing setting out the Government’s regulatory approach to crypto-assets and currencies in advance of a Westminster Hall debate on 7 September. The report...

DRCF ToR published

The CMA has published the terms of reference for the Digital Regulation Cooperation Forum, which was established by the CMA, ICO and Ofcom in June 2020, with FCA joining in April 2021. The forum’s objectives...

TheCityUK publishes manifesto for next PM

TheCityUK has set out 8 areas where the industry can work with the next Prime Minister, not least: delivering n the FSM Bill as soon as possible and reforming Solvency II creating tax incentives to accelerate financing...

Law Commission consults on crypto

The Law Commission has published a paper setting out its proposals for reform of the laws relating to digital assets. It has identified many areas of law that need reform in order to recognise and protect the rights of...

FCA publishes Annual Report

FCA has published its Annual Report and supporting papers. It highlighted: how nearly 600,000 people are paying less in interest and charges on credit card debt following rule changes; how further rule changes have...

ESMA consults on the DLT Pilot Regime

Following its call for evidence earlier this year, ESMA is consulting on draft guidelines on standard forms, formats and templates to apply for permission to operate a DLT market infrastructure. The proposed draft...

FCA speaks on regulating finance in the UK

Charles Randell, FCA and PSR Chair, has delivered a speech on regulating finance for the whole of the UK. Highlights include: Importance of partnerships and policy coherence – the FCA recognises the continued importance...

Queen’s Speech 2022 – FS elements

The Queen’s Speech 2022 outlined the government’s legislative priorities for the next parliamentary session. The measures announced include two bills of particular interest to financial services...

FCA delivers speech on learning from the past

Nikhil Rathi, CEO at the FCA, spoke on learning from the last 30 years to face the next 30 years at the Chartered Institute for Securities & Investment (CISI) 30th anniversary dinner. Highlights include: the world...

FCA talks of a “digital regulator”

Jessica Rusu, FCA’s Chief Data, Information and Intelligence Officer, has spoken on how FCA is building its digital regulatory future. Its work will focus on fostering innovation, being intelligence led and...

Government to regulate stablecoins

Following its consultation last year, Treasury has decided it will regulate stablecoins. It plans to bring activities that issue or facilitate the use of stablecoins that are used as a means of payment within the UK...

CMA publishes Annual Plan for 2022/23

The CMA has published its Annual Plan which explains how it will protect consumers, promote competition and help support the economy in the year ahead. It aims to encourage innovation, productivity, and sustainable...