Global FinTech & Payments Blog

Tag Archives: FCA

Latest UK Developments on the Regulation of Cryptoassets

FCA finalises guidance on cryptoassets and consults on product intervention measures. By Stuart Davis and Charlotte Collins FCA guidance on the regulation of cryptoassets As previously reported in this blog, the FCA consulted on guidance on cryptoassets in January 2019. This guidance is designed to help market participants understand how to classify different types of … Continue Reading

UK FinTech State of the Nation Report Highlights UK’s Leading Position

Report highlights key strengths and regulatory innovations to inform stakeholders for trade and investment. By Laura Holden and Nootan Vegad The Department for International Trade, with the support of Innovate Finance, has published a report titled the “FinTech State of the Nation”. Providing an overview of the UK’s FinTech industry and highlighting the UK’s appeal … Continue Reading

Will Developments in the UK’s Regulation of Cryptoassets Bring Them Into The Mainstream?

UK regulators are addressing regulatory uncertainty through a number of regulatory initiatives due for implementation in 2019. By Stuart Davis Background Following the FCA’s consultation paper that offers guidance on the regulatory status of cryptoassets published in January 2019, the regulator is now engaging with the industry and other stakeholders such as law firms to … Continue Reading

FCA Consumer Research on Cryptoassets: A Summary

As part of its ongoing work to investigate and understand the UK cryptoassets sector the FCA has published the findings of two pieces of complementary consumer research on cryptoassets. By Sam Maxson and Stuart Davis Following the publication of the UK Cryptoassets Taskforce final report in October 2018, the FCA has engaged in a series … Continue Reading

FCA Publishes Policy Statement Extending Rules to Payment Services and E-Money Sectors

From August 2019, certain existing FCA rules and guidance will extend to payment service providers and e-money issuers in a signal that the FCA wants a consistent approach to consumer protection. By Rob Moulton, Brett Carr, and Frida Montenius The FCA has published a Policy Statement extending certain rules and guidance to the payment services … Continue Reading

Private Equity and Blockchain: New Infrastructure or New Asset Class?

By Andrew Moyle and Stuart Davis Growth in applications for blockchain and tokenisation, combined with an increasing number of initial coin offerings (ICOs), mean that buyout firms should note developments in this sector. Why Should PE Be Interested in Blockchain? A shared blockchain ledger could drive a single interface between a PE fund and its … Continue Reading

FCA to Create Global Financial Innovation Network

FCA teams up with other regulators to advance its idea of creating a global regulatory sandbox. By Stuart Davis, Gabriel Lakeman, Sam Maxson, Brett Carr and Charlotte Collins The FCA, along with several other financial services regulators, has launched a consultation on the operating framework for a Global Financial Innovation Network (GFIN). This is an … Continue Reading

FCA Speaks Out on the Ethics of Big Data

FCA Chair hints that new regulation addressing data ethics in the FinTech space may be on the horizon. By Nicola Higgs, Fiona Maclean and Terese Saplys Will societies of the future be ruled by algocracy, in which algorithms decide how humans are governed? Charles Randell, Chair of the Financial Conduct Authority (FCA) and Payment Systems … Continue Reading

FCA Supports Guidelines on the Open Banking Fall-Back Provisions Exemption

The FCA has outlined its approach to implementing key standards under the revised Payment Services Directive. By Christian McDermott, Stuart Davis, Brett Carr, and Charlotte Collins The FCA has published a statement on its website relating to the European Banking Authority’s (EBA’s) Opinion and draft Guidelines of 13 June 2018 on the Regulatory Technical Standards … Continue Reading

FCA Sets Expectations for Robo-Advisers

Many auto advisers and automated discretionary investment managers risk poor outcomes for customers by falling short of FCA expectations. By Nicola Higgs and Brett Carr The Financial Conduct Authority (FCA) has issued a statement outlining its expectations of firms providing automated online discretionary investment management (ODIM) services and retail investment auto advisers (auto advisors). The … Continue Reading

FCA Statement on Cryptocurrency Derivatives

FCA warns providers of cryptocurrency derivatives of their regulatory obligations. By Andrew Moyle, Stuart Davis and Charlotte Collins The UK Financial Conduct Authority (FCA) has issued a statement reminding businesses offering cryptocurrency derivatives of the requirement to be authorised. The FCA explains that, although cryptocurrencies are not themselves regulated in the UK, derivatives that reference … Continue Reading

UK Government’s First FinTech Sector Strategy Launched at the International Fintech Conference

The Strategy emphasises the UK government’s continued push to create a world-leading FinTech sector. By Stuart Davis, Charlotte Collins and Sam Wong At the second International Fintech Conference held on 22 March 2018, Philip Hammond, Chancellor of the Exchequer, announced the launch of the UK’s first Fintech Sector Strategy. The Strategy includes the following key … Continue Reading

Global Ambitions for the FCA’s Sandbox

The FCA seeks industry feedback to capitalise on global regulatory sandbox trend. By Stuart Davis and Charlotte Collins The regulatory sandbox was pioneered by the Financial Conduct Authority (FCA) back in November 2015 — a “safe space” in which businesses can test innovative products, services, business models, and delivery mechanisms without immediately incurring all the … Continue Reading

FCA to Take a Closer Look at ICOs

By Stuart Davis and Charlotte Collins Following on from the Financial Conduct Authority’s (FCA’s) consumer warning on Initial Coin Offerings (ICOs) in September, the FCA has announced a deeper examination of this area in its Feedback Statement on Distributed Ledger Technology (DLT) and related press release. The FCA stated that it will consider whether regulatory … Continue Reading

Payments Innovation and Competition in Retail Banking Services Stay High on FCA Agenda for 2018

Driven by payments innovation and new regulation, 2018 is cited as the year for some of the most significant changes retail banking has seen. By Stuart Davis and Brett Carr At the Westminster Business Forum for Digital Payments, Adoption, Innovation and Policy Priorities, Graeme McLean (Head of Banking, Lending & Distribution at the FCA) appraised … Continue Reading
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