UK’s FCA and Bank of England launch consultation for Digital Securities Sandbox
Responses to the consultation are being accepted until 29 May, ahead of applications for the DSS opening this summer.
Financial Conduct Authority
UK fintech start-up Silverbird enters special administration
Daniel Conway and Geoffrey Rowley of FRP Advisory have been appointed as joint special administrators.
Griffin receives full UK banking licence and $24m investment to spur growth
The licence approval from the FCA and PRA ends the platform’s year-long mobilisation period.
UK regulators issue joint proposals to tackle risk of financial instability posed by CTP dependency
The regulators are accepting feedback and expect to publish final requirements by H2 2024.
French paytech Worldline lands Payment Institution licence from UK’s FCA
Worldline had previously been operating under the FCA’s Temporary Permission Regime, which will end on 30 December.
FCA greenlights Klarna for payment and credit services in the UK
A newly formed entity, Klarna Financial Services UK, will now provide all consumer-facing services in the country.
FinTech Futures: Top five stories of the week – 17 November 2023
Here’s our pick of five of the top news stories from the world of finance and tech this week.
FCA places embattled Metro Bank on financial crime watchlist as rescue deal continues
Its position on the watchlist was revealed last week via the release of a 217-page dossier outlining a rescue deal for the bank.
FinTech Futures: Top five stories of the week – 3 November 2023
Here’s our pick of five of the top news stories from the world of finance and tech this week.
Dutch paytech Mollie receives UK payment institution licence from the FCA
Mollie CEO Koen Köppen says securing the new licence is “a huge milestone”.
UK’s FCA places partner onboarding restrictions on embedded payments platform Modulr
Modulr is working to ensure it meets evolving regulatory requirements following a period of growth.
How the UK’s FCA is set to scrutinise banks’ treatment of PEPs with new review
Dr Henry Balani of Encompass Corporation discusses the impact of the review on the UK banking system.
FinTech Futures: Top five stories of the week – 13 October 2023
Here’s our pick of five of the top news stories from the world of finance and tech this week.
UK’s FCA certifies paytech Viva Group as e-money institution
The company describes the licencing as “a significant step forward” for its position in the UK neobanking market.
FCA’s new crypto marketing regime comes into force, regulator issues 146 alerts in first 24 hours
The regulator’s new rules for the promotion of cryptoassets went live on 8 October.
Fairer Finance appoints Tim Hogg as director to strengthen Consumer Duty expertise
Hogg describes Consumer Duty compliance as “a comprehensive, multifaceted obligation that demands a nuanced approach”.
FinTech Futures: Top five stories of the week – 25 August 2023
Here’s our pick of five of the top news stories from the world of finance and tech this week.
UK’s Financial Conduct Authority to step up protections for cash access
In the UK, 3.1 million adults use cash to pay “for everything or most things”.
FCA asks UK banks to hand over data on bank account closures
The UK’s largest banks and building societies have until 25 August to supply the information.
FCA warns consumers against loan fee fraudsters amid rising summer borrowing
The average loss to loan fee fraud in the UK is £260.
FinTech Futures: Top five stories of the week – 4 August 2023
Here’s our pick of five of the top news stories from the world of finance and tech this week.
Challenging funding environment pushes LedgerEdge into administration
David Robert Baxendale and Edward John Macnamara have been appointed as joint administrators.
Principles, practices and persistence: the Consumer Duty deadline arrives
The regulation is set to completely transform the relationship between financial services firms and consumers.
FinTech Futures: Top five stories of the week – 14 July 2023
Here’s our pick of five of the top news stories from the world of finance and tech this week.
Unregistered crypto ATM operators continue to feel the wrath of the FCA
Investigations have been carried out at sites in East London, Leeds, Exeter, Sheffield and Nottingham.
FCA continues clampdown on unregistered crypto ATMs in Exeter, Nottingham and Sheffield
The regulator says it will review the evidence gathered and consider taking further action where necessary.
FCA proposes listing regime revamp to make UK more competitive
The FCA says its proposals would make listing rules “more effective, easier to understand and more competitive”.
FCA outlines new measures for banks to tackle money laundering via the Post Office
The NECC estimates “hundreds of millions” of pounds are laundered annually using cash deposits at the Post Office.
UK’s FCA selects NayaOne to build and operate Digital Sandbox platform
The Digital Sandbox provides a “safe and secure” environment for companies to build and test their products.
FCA appoints two new joint executive directors for enforcement
Therese Chambers and Steve Smart will work as joint executive directors of enforcement and market oversight.
FCA outlines expectations for payment firms’ customer protections
It says many firms present “an unacceptable risk of harm” to their customers.
CryptoUK calls on FCA to oppose banks banning transfers to crypto exchanges
CryptoUK says banks limiting transactions to crypto platforms is “anti-competitive and disproportionate”.
Scottish challenger for SMEs Alba lands banking licence
The bank has been granted an Authorised with Restrictions (AwR) licence by the UK’s PRA and FCA.
Buy now, worry about it later: the future of BNPL
Buy now, pay later – is there a more apt fintech application for our times than BNPL?
Payoneer lands UK e-money licence from FCA
Payoneer secured the EMI via its subsidiary Payoneer Payment Services UK.
UK government lays out plans for BNPL legislation
The UK government is looking to bring BNPL into the regulatory sphere “in a proportionate way”.
FCA clamps down on unregistered crypto ATM operators in Leeds
The FCA will review evidence gathered during the visits and consider further potential enforcement action.
UK’s FCA names first members of its new innovation advisory group
The Innovation Advisory Group (IAG) will meet for the first time in February, the FCA says.
UK government to strengthen rules around crypto
The government will strengthen rules for crypto trading platforms and crypto lending in line with traditional finance.
FCA fines Al Rayan Bank £4m for inadequate AML controls
Al Rayan did not dispute the FCA’s findings and agreed to settle.
