Tagged: financial conduct authority

UK Government Taskforce Publishes Final Report on Cryptoassets

In the wake of the Autumn Budget  delivered by Chancellor of the Exchequer Philipp Hammond today, the Financial Conduct Authority (FCA), Bank of England, and HM Treasury has published their final report on the topic of regulating cryptoassets and distributed ledger technology (DLT/blockchain). The Cryptoasset… Read More

Financial Conduct Authority Reports Increase in Complaints in First Half of 2018 Hitting “Record Level”

The UK Financial Conduct Authority (FCA) is reporting an increase in complaints directed at regulated firms during the first 6 months of 2018. This represents a “new record level” of 4.13 million complaints made to 3161 firms. This is an increase of 10% versus the… Read More

Britain Leading the World – or Losing a Historic Opportunity Forever: An Open Letter to Philip Hammond

On the brink of Brexit, whatever happens, and as the USA cedes it, Britain can – and should – be again providing leadership at a historic turning point for the world. However, despite warm words and good intentions, we have started shooting ourselves in the… Read More

The FCA Rebukes PayDay Lenders in Dear CEO Letter

The UK Financial Conduct Authority (FCA) has sent a “Dear CEO letter” to lenders of high-cost, short term credit, aka payday loans, admonishing these platforms for an increase in “complaints about affordable lending.” The complaints also reference problematic “chain of loans,” or stacking, that may… Read More

Deloitte & Innovate Finance Publish Report on UK FCA Fintech Sandbox

The Fintech Sandbox set up by the Financial Conduct Authority in the UK has now been in operation for the past two years. The trailblazing project has since been replicated multiple times around the world. The concept was simple: create a safe haven for Fintech… Read More

BlockEx Throws Support Behind UK Treasury Committee Suggestions for Regulated Crypto-Asset Market

UK blockchain startup BlockEx has formerly thrown its support behind some of the recommendations pitched by the UK Parliament Treasury Committee that issued a pointed report pertaining to cryptocurrencies this week. BlockEx is a digital asset exchange and also a participant in the Financial Conduct… Read More

United Kingdom and Singapore Commit to Cooperate More Closely on Financial Services Including Fintech Bridge

The United Kingdom and Singapore held their 4th joint meeting of financial services regulators and policymakers. The meeting took place in London yesterday where officials discussed regulatory initiatives and standards of conduct in the financial sector. Both the UK and Singapore have pursued Fintech innovation… Read More

FCA Chief Andrew Bailey Comments on CryptoAssets, Innovation in Financial Services

Speaking at the FCA Annual Public Meeting today, Financial Conduct Authority Chief Executive Andrew Bailey delivered a wide-ranging speech on the state of the FCA.  Within prepared remarks, Bailey briefly mentioned innovation in financial services, and specifically cryptoassets. Bundling up “operational resilience” and the consequences… Read More

Sheldon Mills Appointed New Director of Competition at UK Financial Conduct Authority

The Financial Conduct Authority (FCA) has selected Sheldon Mills as its new director of Competition. Currently, Mills is Senior Director, mergers and state aid at the Competition and Markets Authority (CMA). The FCA explains that Mills will be a key figure in delivering on the entity’s… Read More

Online PayDay Lender Wonga Goes Into Administration

UK online lender Wonga has entered into the process of administration. According to a note provided by the Financial Conduct Authority, Wonga and its affiliates have decided to pursue bankruptcy proceedings and have enlisted the assistance of Grant Thornton whois  in the process of being appointed… Read More

UK Competition and Markets Authority Tells Banks to Work Harder for their Customers, Demands Change

The Competition and Markets Authority (CMA), in conjunction with the Financial Conduct Authority (FCA), have demanded that traditional banks improve their services. The admonition comes following an independent survey of both personal and small business accounts that indicates banks are falling short when it comes… Read More

Perspective: FCA Regulatory Shift on P2P May Help Bolster Sector & Build Trust with Investors

The Financial Conduct Authority will Update Rules for Loan Based Crowdfunding. Crowd2Fund CEO Chris Hancock Shares His Perspective. The growth and success of P2P lending, and its positive effect on the UK economy, cannot be disputed. Initially starting out as curiosity during the depths of… Read More

Fintech: UK Financial Conduct Authority Initiates Consultation on Global Financial Innovation, Partners with 12 International Regulators

The UK Financial Conduct Authority (FCA) has initiated a new consultation that is going beyond the UK borders when it comes to Fintech innovation. Announced today, the FCA has created the Global Financial Innovation Network (GFIN). The multinational group includes regulatory agencies from the US,… Read More

Zopa CEO Jaidev Janardana Welcomes FCA Regulatory Review of P2P Lending

This past Friday, the UK Financial Conduct Authority (FCA) finally released their review of the crowdfunding industry regulations. While the investment crowdfunding sector (equity crowdfunding) came away mostly unscathed the loan based sector (or peer to peer lending) took a bit of a lashing. The… Read More

The UK Financial Conduct Authority Looks to Update Rules for Loan Based Crowdfunding which is “Increasingly Complex,” Opens New Consultation

Investment Crowdfunding Rules Deemed Satisfactory. The UK Financial Conduct Authority (FCA) has finally released its long awaited post-implementation review of crowdfunding regulation. As has been widely rumored for quite some time, the FCA is looking to adjust rules governing loan based crowdfunding, also labeled peer… Read More

The Financial Conduct Authority Annual Report: “The FCA has been a consistent champion of Fintech and Regtech”

The leading financial regulator in the United Kingdom released their annual report this week. The Financial Conduct Authority (FCA) tackled a wide spectrum of issues in the report including the forthcoming separation from Europe. But the FCA also addressed their ongoing intent to foster an… Read More

Sovren Seeks to Become First UK Regulated Digital Asset Exchange, Plans Initial Coin Offering

UK based Sovren says it will launch the first digital asset exchange to be regulated by the Financial Conduct Authority (FCA) and accessible to institutional investors. The creation of two ex-bankers, Sovren has also announced an Initial Coin Offering (ICO) planned for Q3 this year…. Read More

Blockchain based Finance: BlockEx Comments on Acceptance into FCA Fintech Sandbox, Preps Digital Bond Service

The Financial Conduct Authority (FCA) posted its next cohort of Fintech companies accepted into their regulatory sandbox and several blockchain based companies were on the list. BlockEx, a company that is launching a digital bond service on blockchain, was one of these companies.  BlockEx expects… Read More

Blockchain Platform 20|30 to Test Issuance of Equity Tokens Under FCA Fintech Sandbox Guidance

Yesterday, the Financial Conduct Authority announced the next cohort of firms to be accepted into its Fintech Sandbox program. Within this group is a good number of crypto / blockchain. One of these firms, 20|30, will commence test initial coin offerings that will be equity… Read More

Fintech Sandbox: FCA Announces 29 Firms for Fourth Cohort for Innovative Regulatory Process

The UK Financial Conduct Authority (FCA) has posted the 29 firms that will be part of the fourth cohort of the Fintech sandbox. The UK was the trailblazing regulatory agency that first created an environment where innovative financial firms could safely experiment with new services… Read More

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