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UK and Canada buddy up for fintech businesses

UK and Canadian puzzle from flags. Image with clipping path

The UK’s Financial Conduct Authority (FCA) and Canada’s Ontario Securities Commission (OSC) have signed a new co-operation agreement to help fintech firms. The deal will enable fintech businesses in both countries to seek support from the financial regulators in each other’s market. It will also help reduce regulatory uncertainty and time to market for firms. Christopher […]

FCA: experimenting in the sandbox

More money for UK fintechs

2017 looks set to be the year in which a number of different jurisdictions vie to become the natural home of the financial technology sector. To help ensure that London remains fintech-friendly, the Financial Conduct Authority (FCA) has created the “regulatory sandbox”.

Deutsche Bank fined record £163m for AML control fails

deutsche bank

The UK’s Financial Conduct Authority (FCA) has fined Deutsche Bank £163 million for failing to maintain an adequate anti-money laundering (AML) control framework during the period between 1 January 2012 and 31 December 2015. This is the largest financial penalty for AML controls failings ever imposed by the FCA, or its predecessor the Financial Services […]

Nava Finance gets UK regulatory OK for lending

Nava Finance

Nava Finance has been granted approval by the UK’s Financial Conduct Authority (FCA) to begin offering personal loans to consumers. The company says it is now focused on working towards an initial launch date, which will be announced when all testing and other preparations are fully completed. Nava sources loan funding from institutional investors and […]

Ohpen sesame says UK’s Financial Conduct Authority

Ohpen

Amsterdam-based banking software vendor Ohpen has gained approval from the UK’s Financial Conduct Authority (FCA) to carry out its regulated activities under its new British company, Ohpen Operations UK. Angelique Schouten, Ohpen UK’s CEO, says the approval means it can “deliver an alternative for financial services companies to digitalise and outsource their entire investments and […]

UK’s Financial Conduct Authority calls for regulatory sandbox applicants

FCA keen to explore regtech

The UK’s Financial Conduct Authority (FCA) is calling for the second group of applicants to its regulatory sandbox. As Banking Technology reported last year, the sandbox allows businesses to test out new products and services without “incurring the normal regulatory consequences”. The move is part of the FCA’s Project Innovate, which aims to boost competition […]

UK’s Financial Conduct Authority kicks some asset management

FCA keen to explore regtech

The UK’s Financial Conduct Authority (FCA) says there is weak price competition in a number of areas of the asset management industry. The FCA launched the market study in November 2015 to assess whether competition is working effectively. The UK’s asset management industry is the second largest in the world, managing almost £7 trillion of […]

UK’s Financial Conduct Authority calls for current account competition

FCA

The UK’s Financial Conduct Authority (FCA) says it will take action to improve competition in the current account market. This follows a series of recommendations which were proposed by the UK’s Competition and Markets Authority (CMA) as part of its investigation into retail banking. Christopher Woolard, executive director of strategy and competition at the FCA, […]

UK’s Financial Conduct Authority calls for more finserv access

FCA

The UK’s Financial Conduct Authority (FCA) wants more access to financial services and for fintech to show a greater understanding of the nation’s ageing population. In its 160-page “FCA Occasional Paper”, published today (1 November), the FCA looks at “barriers to bank accounts”, digital transformation and the growing grey brigade. Christopher Woolard, director of strategy […]

Top fintech stories this week – 14 October 2016

Banking Tech 2

Catch up on Banking Technology’s top five fintech stories of the week – all in one place! MasterCard to buy French payment firm Stet? EXCLUSIVE. Payments processor could be a target. Brooks Macdonald puts IT revamp with Third Financial on hold EXCLUSIVE. All freeze for wealth management firm. Banks behaving badly in Singapore Monetary Authority […]

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