Tue, Apr 20, 2021
Levelling the Playing Field: Innovation in the Service of Consumers and the Market
Executive Summary
Apr 20, 2021
When Do Senior Managers Have to Be Certified and Reported as Directory Persons?
Jul 23, 2021
FCA Changes Process for Firms Wishing to Change Their Legal Status
Jul 23, 2021
Fake Emails Purporting to Come from the FCA
Jul 23, 2021
Second Consultation on New Prudential Regime for UK Investment Firms
Apr 19, 2021
Levelling the Playing Field: Innovation in the Service of Consumers and the Market
Apr 20, 2021
Compliance, Culture and Evolving Regulatory Expectations
Mar 31, 2021
Changes to UK MiFID’s Conduct and Organizational Requirements
Apr 28, 2021
The FCA and Practitioner Panel Joint Survey for 2021 Launches
Apr 30, 2021
Regulation for a Different World
May 06, 2021
FCA Fines Firm for Serious Financial Crime-Control
May 06, 2021
Financial Services Regulatory Initiatives Grid
May 07, 2021
FCA Launches Consultation on Long-term Asset Fund (LTAF)
May 07, 2021
FCA and Bank of England Statement on LIBOR Transition
May 13, 2021
The Rise in Scams and the Threat to a Legitimate Financial Services Industry
May 18, 2021
All Reporting Firms Moved to FCA's New Data Collection Platform Regdata
May 19, 2021
FCA Publishes a Consultation Paper on the Use of Its New Powers
May 20, 2021
Man Charged for Carrying Out Regulated Activities Without Authorization
May 20, 2021
Firms Should Ensure That Permissions Are Reviewed Regularly
Jul 23, 2021
- View all articles
The FCA CEO, Nikhil Rathi, delivered a speech on financial innovation during FinTech Week.
Mr. Rathi talked about how regulatory open-mindedness had enabled the success in financial innovation. The FCA introduced Project Innovate in the first year of its existence to stay close to innovative firms and provide additional regulatory support where needed.
Mr. Rathi also discussed the challenge of balancing two of its objectives: promoting competition and consumer protection.
As part of this balancing act, the FCA will be taking forward the Kalifa Review’s recommendation for a scale box to provide additional support to growth-stage FinTechs.
Mr. Rathi discussed the creation of a regulatory nursery and noted that, currently, newly authorized firms are treated in the same way as those with a long track record. The regulatory nursery will create a period of enhanced oversight for newly authorized firms, helping them to develop and become accustomed to their regulatory status. The regulatory nursery will keep firms in close contact with FCA post-authorization, providing them with support and steering them in the right direction.
In addition, the FCA will soon permit year-round applications for the sandbox, which allows firms to safely test their innovative ideas before they reach the market, without risk to consumers or markets. The FCA will better advertise the support it already offers to firms that are looking to build out their innovative offering. The FCA will also refine the digital sandbox and focus specifically on sustainability.
The full speech is available here.
Financial Services Compliance and Regulation
End-to-end governance, advisory and monitorship solutions to detect, mitigate, drive efficiencies and remediate operational, legal, compliance and regulatory risk.
UK Compliance Services
Comprehensive compliance and regulatory support for FCA authorized firms.
European Compliance Services
Comprehensive compliance and regulatory support for EU firms.