FIN.

Category - Fintech & Innovation

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...

Regulators remind firms of crypto risks

PRA and FCA have written to firms reminding them of their obligations when interacting with or exposed to crypto-assets and related services. FCA reminds firms that crypto can offer benefits but also increased risk to...

EP reports on crypto Regulation proposal

The European Parliament has published its report on the proposal for a Regulation of crypto asset service providers.  A key change is to specify that any person providing any relevant services to EU citizens must both...

ASA cracks down on misleading crypto ads

ASA has issued an Enforcement Notice to over 50 firms which advertise cryptocurrencies, instructing them to review their ads and to ensure they understand and are complying with the rules so that consumers are treated...

IOSCO consults on retail market conduct

IOSCO has published a consultation report from the Retail Market Conduct Task Force. The report looks at recent retail investor trends and the development of a regulatory toolkit to help regulators consider emerging...

FCA warns on illegal crypto ATMs

FCA has warned operators of crypto ATMs that they must shut down their machines. Any firm operating a crypto ATM in the UK must be registered under the MLRs, but no firm that does operate one has yet been approved by...

FCA updates on Green FinTech Challenge 2021

FCA has accepted 10 firms into its Green FinTech Challenge 2021 which aims to enable the FCA to take a more active role in driving innovation in products and services that will aid the transition to a net-zero economy...

ASA successfully challenges crypto ads

The ASA challenged an ad for Floki Inu, a cryptocurrency, which was made via a poster displayed on the Tube in November 2021.  The poster had a cartoon dog in a Viking helmet with text saying “Missed Doge. Get...

UK and Singapore sign new digital trade deal

Following its agreement in principle, on 25 February 2022, the International Trade Secretary joined her counterpart in Singapore and signed the trade deal- the Digital Economy Agreement (DEA) – that will help...

JMLSG comments on guidance on digital identities

The Joint Money Laundering Steering Group (JMLSG) has published an update on its website relating to the recent interest in digital identities and their use as part of AML/CFT procedures. It notes that it continues to...

UK agrees digital trade deal with Singapore

The UK has secured an agreement in principle on a Digital Economy Agreement (DEA) with Singapore. The agreement is the first digitally-focussed trade agreement signed by a European nation and was agreed after only six...

FCA delivers speech on data-led regulation

The FCA’s chief data, information and intelligence officer, Jessica Rusu, has delivered a speech on the FCA’s role as a data-led regulator. The speech explores the FCA’s response to new technologies...

FCA publishes updated complaints data

FCA has published its six-monthly set of data on complaints that firms receive.  Its latest findings include: a 7% decrease in complaints from H2 2016, with the 2.04m complaints being the lowest level since late 2016;...

EU Banking Package 2021

The European Commission has today adopted a review of the Capital Requirements Regulation (CRR) and the Capital Requirements Directive (CRD) to ensure that EU banks become more resilient to potential future economic...

Government publishes Payments Landscape Review

The government has published its response to the 2020 Payments Landscape Review: Call for Evidence. The relevant consultation, which ran from 28 July 2020 to 20 October 2020, sought views from across the sector to be...

UK Finance looks at retail CBDC

UK Finance has published a report looking at the threats and opportunities of a central bank digital currency.  The BoE says the around 95% of funds people hold to make payments are held as bank deposits rather than...

FCA launches 2021 Green FinTech Challenge

Following the success of the pilot challenge in 2018, the FCA has announced that the application window for the 2021 Green FinTech Challenge is now open. The Green FinTech Challenge is open to start-ups, incumbents and...

FCA Chair speaks on risks of token regulation

Charles Randell, Chair of the FCA and PSR has delivered a speech on the risks of regulating crypto tokens. Speech highlights include: whilst platforms’ efforts to crack down on fraudulent advertisements are welcome, a...

FCA announces new Digital Sandbox window

The FCA is opening the application window for the sustainability cohort on 6 September, with a view to opening the Digital Sandbox to successful applicants in November and access to the testing environment from January...

Regulatory sandbox now open year-round

The FCA’s regulatory sandbox is now open permanently, meaning firms can submit their applications throughout the year, rather than on a cohort basis. The FCA has also published guidance for firms applying to the...

FCA publishes Business Plan

FCA’s 2021/22 Business Plan highlights: how FCA has to change as the environment in which it operates changes and how investment in technology and changes in culture are key to this; the need to enable customers...