Tagged: financial conduct authority

UK Financial Conduct Authority Issued Warnings About Four-Fifths of the Crypto Companies It Investigated

A freedom-of-information request filed by The Sunday Telegraph shows that four-fifths of 49 companies investigated by the UK’s Financial Conduct Authority (FCA) resulted in warnings about those companies being issued to the public. A total of 67 investigations into crypto operations have been launched by the FCA. 18 investigations are… Read More

Tandem says FCA Crackdown on Overdraft Fees is Long Overdue

Earlier this week, the Financial Conduct Authority (FCA) announced a plan to “fix a dysfunctional market” when it comes to overdraft fees. In 2017, banks generated over £2.4 billion from overdrafts alone, with around 30% from unarranged overdrafts. These fees typically came from individuals who… Read More

UK Financial Compliance Expert Gillian Roche-Saunders Comments on Patient Capital, Could Boost Crowdfunding

The concept of “Patient Capital” has been in discussion for quite some time in the United Kingdom. The premise is based on the theory that investors may be willing to forgo near-term returns for the possibility that substantial gains may be generated at a much… Read More

Financial Conduct Authority Issues Consultation on Patient Capital

The UK Financial Conduct Authority (FCA) has issued a consultation paper, alongside a discussion paper, on patient capital. The consultation is in response to a policy push by HM Treasury to increase investment into long-term assets including venture capital plus private equity, real estate and more…. Read More

In a Speech, UK Regulator Defines Their View of Cryptoassets and Next Steps towards Regulation

Speaking last week at the Regulation of Cryptocurrencies event in London, Christopher Woolard, Executive Director of Strategy and Competition at the Financial Conduct Authority (FCA), outlined his agencies view of crypto assets and provided insight into possible regulation. Woolard defined digital assets or cryptocurrencies as falling under… Read More

UK Financial Sector Regulator May Prohibit Crypto Derivatives

A representative from the UK Financial Conduct Authority (FCA) told attendees at The Regulation of Cryptocurrencies event in London today that he is concerned that “Complex, volatile and often leveraged derivatives products” built on cryptocurrencies with “underlying market integrity issues” are being marketed to retail… Read More

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

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