Tagged: fca

UK: New Peer to Peer Lending Rules Kick in on December 9th: “A Watershed Moment for P2P”

New peer to peer lending rules come into effect on Monday, December 9th. The new rules were the result of a review by the UK Financial Conduct Authority (FCA). The UK largely created the entire sector of peer to peer lending. One of the most… Read More

UK Financial Conduct Authority Hits the Breaks on Certain Mini-Bonds

The UK Financial Conduct Authority (FCA)  will ban the mass marketing of “speculative mini-bonds” to retail investors beginning January 1, 2020. The FCA is banning these mini-bond promotions without a consultation by using its “product intervention powers.” The ban will be in place for 12… Read More

Crypto-Friendly Banking Service Provider Cashaa Introduces US Dollar Bank Accounts for Companies Dealing in Digital Assets

Cashaa, a cryptocurrency-friendly banking service provider, recently revealed that it’s introducing US dollar bank accounts for companies dealing in digital currencies. The new accounts are being offered through a partnership with Metropolitan Commercial Bank. Beginning on November 25, 2019, crypto-asset dealers and other high-risk business… Read More

UK’s Largest Payday Loan Provider QuickQuid to Shut Down, Despite Thousands of Pending Complaints

The United Kingdom’s largest remaining payday loan company will be shutting down its operations, despite thousands of complaints regarding its lending procedures still unresolved. Chris Laverty, Trevor OSullivan and Andrew Charters of Grant Thornton were appointed as joint administrators of QuickQuid on 25 October 2019,… Read More

UK Launched GFIN Expands with Addition of US Regulators; SEC, FDIC, OCC Join Current Member CFTC to Support Global Fintech Mission

GFIN, or the Global Financial Innovation Network, has gained multiple US regulators as members. GFIN now lists the US Securities and Exchange Commission (SEC), Federal Deposit Insurance Corporation (FDIC), Office of the Comptroller of the Currency (OCC) as members joining the Commodity Futures Trading Commission… Read More

Bank of England Reports that Machine Learning Methods in Financial Services Could Enhance Business Processes

A report from the Bank of England (BoE) notes that the application of machine learning (ML) methods in the financial services sector could enhance routine business processes.  Improved software and hardware and increasing volumes of data have enhanced the pace of ongoing ML development, BoE’s… Read More

UK Financial Conduct Authority Updates on Expectations as Brexit Deadline Nears

The UK Financial Conduct Authority (FCA) has published updated information on the ramifications of Brexit in a no deal scenario. Currently, the UK is scheduled to exit the European Union on October 31st. Recently, there has been some more positive chatter on negotiations, and the… Read More

World Federation of Exchanges Ask UK Regulators Not to Ban Crypto Derivatives

An advocacy group representing mainstream stock exchanges and clearinghouses from around the globe, the World Federation of Exchanges (WFE), has asked the UK’s Financial Conduct Authority (FCA) not to ban cryptocurrency derivatives products aimed at retail investors. In a consultation paper issued by the FCA… Read More

Report: UK’s Financial Conduct Authority is Reviewing P2P Lenders After High Profile Failures

UK’s financial regulator, the Financial Conduct Authority (FCA), is currently investigating the operations of several peer-to-peer (P2P) lenders after discovering various failures or instances of non-compliance ahead of the implementation of stricter regulations this year, according to a report in the FT. Last week, the… Read More

Fintech Emma Says Some Banks are Not Meeting Open Banking Rules

Beginning September 14, 2019, European Union rules regarding “Strong Customer Authentication” (SCA), part of PSD2, kick in. These rules, which also impact the UK, involve the way in which banks or payment services providers verify their customers’ identity and validate specific payment instructions. Mandated API… Read More

Robinhood Receives FCA Authorization to Operate in the UK; Appoints Wander Rutgers As President

U.S. fintech Robinhood announced on Wednesday it received authorization from the Financial Conduct Authority (FCA) to operate as a broker in the UK. According to Robinhood, the authorization will enable us to bring its investing platform to customers in the UK and is a “critical… Read More

UK Financial Conduct Authority Provides Final Guidance on Cryptoassets: Better Defines Utility Tokens

FCA: “any token that is not a security token, or an e-money token is an unregulated token.” The UK Financial Conduct Authority (FCA) has published its much anticipated final guidance on cryptoassets following a feedback period on prior commentary. The FCA has now established which… Read More

TokenMarket Closes Own STO at £240,000

TokenMarket, a Fintech operating under the watchful eye of the Financial Conduct Authority (FCA) Fintech Sandbox, has completed its first security token offering (STO) for equity in the firm. TokenMarket set an initial funding goal of £150,000 but had stated it would have accepted several… Read More

TokenMarket Security Token Offering Scheduled to Close on Monday

TokenMarket, part of the UK Financial Conduct Authority Sandbox program, is scheduled to close its own security token offering (STO) this coming Monday (July 22nd). TokenMarket launched its STO in early July seeking a max amount of £2 million. As it stands today, TokenMarket has… Read More

Here is the FCA Consultation Proposing the Ban of Cryptoasset Derivatives for Retail Investors

Earlier this month as previously reported, the UK Financial Conduct Authority (FCA) proposed a ban on the sale of both derivatives and exchange-traded notes (ETNs) based on “certain types of cryptoassets.” The announcement of the proposed ban kicked off a consultation, embedded below, for feedback… Read More

First Crypto Hedge Fund, Prime Factor Capital, Approved by FCA in UK

Prime Factor Capital, “an asset manager that specialises in cryptocurrencies,” has been licensed by the Financial Conduct Authority (FCA), the region’s financial regulator, to operate as a “full-scope” Alternative Investment Fund Manager (AIFM). The London-based firm believes it is the first cryptocurrency fund to be so authorized…. Read More

Ban Hammer: UK Financial Conduct Authority Proposes Prohibition of Crypto Derivatives

The UK Financial Conduct Authority (FCA) has proposed a ban on the sale of both derivatives and exchange-traded notes (ETNs) based on “certain types of cryptoassets.” This ban will impact retail investors. As part of the decision-making process, the FCA has commenced a public consultation… Read More

UK Financial Conduct Authority Addresses Topic of Stablecoins Providing Insight into Regulatory Approach

In a speech presented today by Christopher Woolard, Executive Director of Strategy and Competition at the UK Financial Conduct Authority (FCA), the regulator addressed the hot topic of “stablecoins.” The speech was delivered at the annual Cambridge Centre for Alternative Finance conference which saw regulators… Read More

UK Government Looks to Insurtech to Help Low Income Renters

HM Treasury and the Financial Conduct Authority (FCA) recently organized a workshop on assisting low-income renters. Predicated on the fact that rental insurance has “very low take-up” amongst a lower demographic, Treasury and the FCA invited multiple firms to attend an “Access to Contents Insurance… Read More

FCA Competition Director Christopher Woolard Testifies before House Committee Fintech Task Force

Financial Conduct Authority (FCA) Director of Competition Christopher Woolard testified before the House Financial Services Committee Fintech Task Force today. The other witnesses participating in the hearing included: Paul Watkins, Assistant Director, Office of Innovation, Consumer Financial Protection Bureau (CFPB) Beth Knickerbocker, Chief Innovation Officer,… Read More

Send this to a friend