Tagged: financial conduct authority

UK Cryptotassets Taskforce Meets to Discuss Impact, Benefits & if New Regulation is Necessary for DLT in Financial Services

Today was the first meeting of the UK Cryptoassets Taskforce. The previously announced group involves the participation of the Financial Conduct Authority (FCA), Bank of England (BoE), HM Treasury and other Senior government officials. Some of the named participants include, Katharine Braddick, Director General of… Read More

FCA Business Plan Seeks to Maximize Fintech Competition & Innovation

Andrew Bailey, Chief Executive of the UK Financial Conduct Authority (FCA), addressed the regulator’s business plan for the coming year in a speech this week. Touching upon innovations in financial services, Bailey stated; “Fintech and Big Data are transforming financial services. We will seek to… Read More

Recent Speech by UK Regulator on Crypto says Approach Needs to be “Not Inhibiting the Benefits, nor Overlooking the Risks”

In a speech delivered by UK FCA Competition Director Mary Starks, the public official addressed the topics of blockchain technology and cryptocurrencies. Regarding blockchain or distributed ledger technology (DLT), Starks was more optimistic. Regarding cryptocurrencies, or “cryptoassets” as she labeled them, she was more circumspect…. Read More

More Fintech Please: FCA Says Mortgage Industry in Need of Innovation

The Financial Conduct Authority (FCA) has published an interim report on UK mortgage market. According to the FCA, Mortgage debt accounts for over 80% of total UK household liabilities – so this is a significant sector of finance that has a profound impact on individuals. While… Read More

UK FCA Says Loan Fee Scams Now Most Common Fraud

The UK Financial Conduct Authority (FCA) says that loan fee scams is now the most common scam in financial services topping investment fraud. The shift is largely due to the emergence of online lending as victims are targeting while searching for loans on the internet…. Read More

Will UK Regulatory Approach Trump the US in Enabling Cryptocurrency Innovation?

The Financial Conduct Authority (FCA) has recently published a note stating they are aware of a growing number of UK firms issuing cryptocurrencies or digital assets associated with initial coin offerings. These vehicles are currently not directly regulated but the FCA, and other policy types,… Read More

Here is the Enhanced Fintech Cooperation Agreement Between the UK FCA and the Australian Securities & Investment Commission

As was announced earlier today (and leaked out earlier this week) the Australian and UK governments have signed an “enhanced cooperation agreement” on Fintech innovation. Under the new agreement the Australian Securities & Investment Commission (ASIC) and the Financial Conduct Authority (FCA) will continue to… Read More

Christopher Woolard, FCA Director of Competition: Regulators Must Work Together to Foster Fintech Innovation

Christopher Woolard, the UK’s Financial Conduct Authority  Executive Director of Strategy and Competition, delivered a keynote speech today at the Innovate Finance Global Summit. Woolard is the defender and champion of the vital competition mandate that has made the FCA a successful financial regulator.  Woolard… Read More

Coinbase Receives e-Money License from UK Financial Conduct Authority, Opens an Account with Barclays

Coinbase, one of the largest cryptocurrency exchanges in the world, has received an e-money license from the UK Financial Conduct Authority (FCA). This will enable Coinbase to offer payments in the UK while supporting the UK’s Faster Payments Scheme. Simultaneously, Coinbase has partnered with Barclays… Read More

Competition Counts: Former FCA Innovation Lead Shares Experience at UK Regulator, Explains New Role at Cambridge Centre for Alternative Finance

The Cambridge Centre for Alternative Finance (CCAF) is the leading research authority on global innovations in finance. Over the past several years, CCAF has produced benchmark reports tracking the growth and evolution of all forms of Fintech around the world. These reports have become valued… Read More

Collateral Shut Down: UK P2P Lender Has Gone Into Administration

Collateral, a UK-based peer to peer lending platform, has reportedly gone into administration after trading without a proper license. According to various reports, a letter was sent to investors from the company’s administrator, named Gordon Craig, that stated the company was operating in the belief that… Read More

Moving Forward with Regtech: FCA Calls for Input to Achieve Smarter Regulatory Reporting

The UK Financial Conduct Authority (FCA) has published a call for input as to how technology can make things easier for firms to meet their regulatory reporting requirements. Incorporating Regtech can also streamline the process for the regulator while improving the overall quality of the… Read More

US CFTC Furthers its Innovation Credibility by Signing Agreement with UK FCA to Boost Fintech Development

The UK Financial Conduct Authority (FCA) and the US Commodity Futures Trading Commission (CFTC) have signed a formal agreement that commits the two regulatory agencies to work together to support Fintech. This is the first such agreement for the CFTC and just one of many… Read More

Financial Conduct Authority Appoints Charles Randell as New Chair

HM Treasury appointed Charles Randell CBE as the new Chair of the Financial Conduct Authority (FCA). The appointment commences on April 1st and is for a 5 year term. Randell is currently an external member of the Prudential Regulation Committee of the Bank of England and… Read More

The House Crowd Receives FCA Authorization

The House Crowd, a UK property crowdfunding platform, announced on Friday it has received full authorization from the Financial Conduct Authority (FCA). Frazer Fearnhead, founder and CEO of The House Crowd, revealed more details by stating: “We are extremely pleased to announce that after (a very long)… Read More

UK Financial Conduct Authority Comments on Financial Services “Passporting” as UK Nears Europe Exit

The Financial Conduct Authority (FCA) has released a statement on Brexit and the implications on financial services firms. The UK has already seen an undetermined number of departures in financial services but Reuters published several months back a survey that indicated 10,000 UK finance jobs… Read More

FCA Helps Take Bitcoin Mainstream – While Admitting It Does Not Understand It

Appearing on the BBC’s news flagship Newsnight the head of the UK’s regulator, the  FCA’s  Andrew Bailey, has drawn mainstream attention to Bitcoin and the world of cryptocurrencies while admitting that they have yet to understand what he called an ‘odd commodity’. While  the BBC’s… Read More

Financial Conduct Authority Publishes Regulatory Considerations for ICOs

Buried within the Financial Conduct Authority (FCA) Distributed Ledger Technology (IE Blockchain) Feedback Statement on an earlier discussion paper was a section dedicated to Initial Coin Offerings (ICO) and regulatory requirements. The FCA, like much of the rest of the world, is seeking to enable… Read More

UK Financial Conduct Authority Publishes Feedback Statement on Blockchain

The UK Financial Conduct Authority (FCA) has published a feedback statement on distributed ledger technology (DLT) or Blockchain.  The document comes following an earlier discussion paper published in April designed to commence a dialogue between interested parties and the regulator. The FCA has now responded to received… Read More

CCAF: Startups & SMEs are Big Beneficiaries of UK Alternative Finance as Market Grows by 43% Year over Year

The Cambridge Centre for Alternative Finance (CCAF), the leading global research institute for all things Fintech, has published its fourth annual survey on UK alternative finance. According to the report, entitled Entrenching Innovation: The 4th UK Alternative Finance Industry Report, the sector of emerging financial… Read More