The FCA has taken positive first steps in long cryptoasset regulation journey
Jun30

The FCA has taken positive first steps in long cryptoasset regulation journey

Reuben Karuna-Nidhi, UK managing principal, Capco Any UK business conducting cryptoasset related activities will have to register with the FCA by today or cease trading in 2021. This represents the culmination of four years’ work by the FCA to ensure the cryptomarket – which is rapidly growing as highlighted by FCA research released today – is properly regulated while ensuring innovation is not stifled. “The FCA’s UK cryptoasset...

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Open Letter to the FCA from the Emerging Payments Association
Jun29

Open Letter to the FCA from the Emerging Payments Association

Dear Maha Open Letter to the FCA from the Emerging Payments Association Unfreeze Wirecard accounts as soon as safeguarded funds are proven and accessible The Emerging Payments Association (EPA) and its members strongly urge the FCA to unfreeze Wirecard Card Services accounts as soon as it can, for the sake of cardholders, companies and their employees, and the UK fintech industry. Without this suspension being removed rapidly, we...

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The Climate Financial Risk Forum publishes its guide to help the financial industry address climate-related financial risks
Jun29

The Climate Financial Risk Forum publishes its guide to help the financial industry address climate-related financial risks

Today the Climate Financial Risk Forum (CFRF) has published a guide written by industry for industry to help firms approach and address climate-related financial risks. The guide, the first of its kind, provides practical recommendations to firms of all sizes on disclosure of climate-related financial risks; effective risk management; scenario analysis, and opportunities for innovation in the interest of consumers. The CFRF was...

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DWF comments on the appointment of the new FCA CEO
Jun22

DWF comments on the appointment of the new FCA CEO

Andrew Jacobs, Head of Regulatory Consulting at DWF, comments on the FCA appointing Nikhil Rathi as its new CEO following the interim leadership of Christopher Woolward. He said: “Congratulations to Nikhil Rathi for being appointed the new CEO of the FCA today. Rathi comes from a strong pedigree of high profile, systemically important leadership roles and is a solid choice to lead the next chapter of conduct regulation, as the...

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FCA confirms measures to help insurance customers who may be suffering financial difficulties as a result of coronavirus
May14

FCA confirms measures to help insurance customers who may be suffering financial difficulties as a result of coronavirus

The Financial Conduct Authority (FCA) is today confirming a series of temporary measures to help customers who hold insurance and premium finance products and who may be in financial difficulty because of coronavirus (Covid-19). Sheldon Mills, Interim Executive Director of Strategy and Competition at the FCA, commented: “As with other areas of finance, we have worked quickly to draw up measures to help policyholders in financial...

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PSD2’s SCA Deadline: A triumph for consumer security
Mar12

PSD2’s SCA Deadline: A triumph for consumer security

This Saturday 14th March will mark the Financial Conduct Authority’s (FCA) six-month delayed deadline for the implementation of PSD2 Strong Customer Authentication (SCA) for online banking. This regulation is mandating two levels of authorisation when transacting online in a bid to reduce fraud. More and more consumers value the convenience of online banking and payment platforms, which are now used by over two-thirds of British...

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FCA announces proposals to improve climate-related disclosures by listed companies
Mar06

FCA announces proposals to improve climate-related disclosures by listed companies

The Financial Conduct Authority (FCA) has today published proposals outlining new climate-related disclosure requirements for premium listed issuers. The new rule will require all commercial companies with a premium listing to either make climate related disclosures consistent with the approach set out by the Taskforce on Climate-related Financial Disclosures (TCFD)or explain why not. The FCA will consider consulting on extending this...

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London Blockchain Firms Raise over $500 Million in Equity Funding since 2013

A remarkable 450 blockchain companies call London home. Inflow of talent from the EU (prior to Brexit), low barriers to company incorporation and active involvement of the FCA combined with the broader fintech ecosystem around London is considered to be the key reasons behind this. Since 2013, blockchain startups in the United Kingdom have raised a collective $503 million between themselves in equity raises. 1 in 3 blockchain...

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Meniga secures FCA license to expand UK product offering beyond financial services
Feb20

Meniga secures FCA license to expand UK product offering beyond financial services

Meniga, the global leader in digital banking solutions today announces that it has been successfully registered as an Account Information Service Provider by the Financial Conduct Authority (FCA) in the UK. This underlines Meniga’s credentials as leading experts in Open Banking, enabling it to expand its product offer to customers beyond the financial services sector. In the Nordics, Meniga already has extensive experience in working...

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Money Lender issued with the FCA’s first Serious Crime Prevention Order
Feb12

Money Lender issued with the FCA’s first Serious Crime Prevention Order

Illegal money lender, Dharam Prakash Gopee (64), was today sentenced to three and a half years imprisonment by a Judge in Southwark Crown Court after guilty verdicts yesterday (8 February 2018) for offences under the Consumer Credit Act 1974 and the Financial Services and Markets Act 2000. In addition to this custodial sentence, Mr Gopee has been issued with a Serious Crime Prevention Order (SCPO), which will severely restrict his...

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£12m Funding Record sets ThinCats up for Growth in 2018
Jan10

£12m Funding Record sets ThinCats up for Growth in 2018

ThinCats is set to achieve new levels of growth over the next 12 months after celebrating a stellar 2017, which saw it break records, achieve full FCA regulation, treble the Monitoring, Securities and Origination teams, and undergo a full rebranding programme. The culmination of a year’s hard work delivered a record month in December, with a just over £12m of funding listed on the ThinCats platform, which followed the...

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FCA Statement on EU Withdrawal
Dec21

FCA Statement on EU Withdrawal

On December 15 2017 The European Council confirmed that sufficient progress had been made to move to the second phase of negotiations related to transition (the ‘implementation period’) and the framework for the future relationship between the UK and the European Union.  The FCA welcomes the progress that has been made and is supportive of open markets and free trade in financial services underpinned by strong regulatory standards....

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FCA makes it easier for people to compare Bank Accounts
Dec12

FCA makes it easier for people to compare Bank Accounts

The Financial Conduct Authority (FCA) has today published final rules which will require providers of personal current accounts and business current accounts to publish information that will help customers to compare the service they could receive from different providers. The new information will help customers, comparison websites and the media to make meaningful comparisons of the services different current account providers offer....

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Hitachi Vantara hosts ground-breaking FCA Regulatory Reporting Techsprint
Dec12

Hitachi Vantara hosts ground-breaking FCA Regulatory Reporting Techsprint

Participants Explore How Technology Can Provide Solutions to the Increasing Challenges Financial Institutions Face Implementing Their Regulatory Reporting Obligations Hitachi Vantara announced the success of this autumn’s regulatory reporting TechSprint convened by the Financial Conduct Authority (FCA) and the Bank of England. As strategic collaborators, Hitachi Vantara hosted the two-week event at their London offices and provided...

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Banks must Strengthen their Commitment to Fight Cyber-crime by using new Forms of Technology
Dec11

Banks must Strengthen their Commitment to Fight Cyber-crime by using new Forms of Technology

According to the Financial Conduct Authority (FCA), financial services firms and banks in the UK are not reporting successful cyber-attacks. Megan Butler, Director of the FCA, warned that banks are still not admitting the full scale of cyber-attacks carried out every day. In response to this news, cybersecurity expert Simon Bain from BOHH Labs, challenges regulators and banks to adopt innovative technology such as artificial...

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FCA Statement on RBS GRG Report Publication
Dec11

FCA Statement on RBS GRG Report Publication

Recent disclosure of our Governance Committees meeting papers under the Freedom of Information Act has led to speculation about the reason that we did not publish the full Skilled Person’s Report following the independent review of Royal Bank of Scotland’s (RBS) treatment of small and medium-sized enterprise (SME) customers transferred to its Global Restructuring Group (GRG). It has been suggested that we chose not to publish the...

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Hitachi Vantara hosts Ground-breaking FCA Regulatory Reporting Techsprint
Dec08

Hitachi Vantara hosts Ground-breaking FCA Regulatory Reporting Techsprint

Participants Explore How Technology Can Provide Solutions to the Increasing Challenges Financial Institutions Face Implementing Their Regulatory Reporting Obligations Hitachi Vantara, a wholly owned subsidiary of Hitachi, Ltd. (TSE: 6501), announced today the success of this autumn’s regulatory reporting TechSprint convened by the Financial Conduct Authority (FCA) and the Bank of England. As strategic collaborators, Hitachi Vantara...

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Next Generation Comparison App will be first to receive UK Regulation
Nov17

Next Generation Comparison App will be first to receive UK Regulation

A new app that helps users save hundreds of pounds every year by managing their bills and subscriptions is to become the first of its kind to be regulated in the UK. Bean connects to individual bank and credit card accounts and tracks all regular payments, including subscriptions and household bills, alerting users to opportunities to switch or cancel. The Financial Conduct Authority (FCA) has informed the company it is “minded to...

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FCA Proposed Ban on Inducements and Restricting Mandatory Qualifications for certain staff only, is a double blow for Consumers
Nov15

FCA Proposed Ban on Inducements and Restricting Mandatory Qualifications for certain staff only, is a double blow for Consumers

A proposal by the UK Financial Conduct Authority (FCA) to ban the offering or acceptance of inducements within the financial services profession could ultimately hurt consumers, says the Chartered Institute for Securities & Investment (CISI). In its response to the FCA’s consultation on the Financial Advice Market Review (FAMR) CP 17/28, the registered charity and professional body broadly welcomes the FCA’s proposals to ensure...

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Financial Conduct Authority Outlines Lessons Learned in year one of its Regulatory Sandbox
Oct20

Financial Conduct Authority Outlines Lessons Learned in year one of its Regulatory Sandbox

The Financial Conduct Authority (FCA) has today published a report outlining how the Regulatory Sandbox (“sandbox”) has met its objectives over the first year of operation. The sandbox was established to support the FCA’s objective of promoting effective competition in the interests of consumers. The sandbox enables firms to test innovative products, services or business models in a live user environment, while ensuring that...

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Assetz Capital Receives Full FCA Authorisation
Sep05

Assetz Capital Receives Full FCA Authorisation

Assetz Capital announced it has received full authorisation from the UK regulator, the Financial Conduct Authority (FCA). As the UK’s second largest peer-to-peer business and property lending platform, to date it has lent more than £316 million to businesses nationwide.  Following its successful FCA application, Assetz Capital is now in the final stages of completing its work on its Innovative Finance ISA (IFISA), which will be ready...

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FCA Comment: Banks must Use Data to Drive Personal Service
Aug01

FCA Comment: Banks must Use Data to Drive Personal Service

Mike Turner, Principal Business Advisor at SAS UK & Ireland: “The FCA’s resolution to shake-up the status quo in banking is a timely reminder of how it is prioritising the interests of consumers. “To demonstrate compliance and protect market share in what should be a more competitive landscape then all financial institutions need to work harder to retain and attract customers.  “Our recent study finds that a fifth of retail banks...

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Response to FCA Extension of SM&CR
Jul27

Response to FCA Extension of SM&CR

David Biggin, financial services regulation expert at PA Consulting Group “The extension of the regime may be considered a “watered down” version of the Banking Senior Managers Regime. With fewer senior managers required to be nominated, there will be less regulatory scrutiny of the firms in scope of these rules when compared to their banking counterparts. The exception to this will be some of the larger Asset Managers,...

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FCA Pensions Report: EValue Comments and Supporting Data
Jul12

FCA Pensions Report: EValue Comments and Supporting Data

In response to the FCA’s report revealing that over half of pension pots accessed as a result of the pension freedoms have been fully withdrawn, Bruce Moss, Director of Strategy at EValue, comments on how the size of the pension fund can impact the desire for flexibility to withdraw funds. I have also included supporting data, to further assist with any pieces you may be writing. Bruce Moss, Director of Strategy at EValue...

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Archover Gains Membership to Asset Based Finance Association
Jun23

Archover Gains Membership to Asset Based Finance Association

ArchOver joins industry body for asset-based financiers following full FCA approvals ArchOver is announcing that it has been awarded membership of the Asset-Based Finance Association (ABFA), the trade body for invoice finance and asset-based lending. Coming shortly after it received full FCA approvals last month, ArchOver’s inclusion as part of the ABFA reinforces its reputation as one of the young P2P sector’s most security-focused...

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