Featured Product

    FCA Report Evaluates Impact of the Innovate Initiative for Fintech

    April 29, 2019

    FCA published a report that analyzes the effectiveness of the Innovate program, which was launched in 2014 to enable innovation in financial services markets. The report sheds light on the work of FCA through Innovate, the rationale behind this work, and the reasons it advances the FCA objectives effectively. The evidence from the analysis suggests that the work of FCA, through the Innovate project, gives firms the regulatory certainty they need to develop their innovations and deliver them at speed.

    The report highlights that this work encourages positive innovation domestically and internationally with incumbents responding to compete harder and improve their own offerings deliver them at speed. The report highlights that Innovate is creating a supportive regulatory environment through policy publications such as guidance on Distributed Ledger Technology (DLT) and cryptoassets and by increasing focus on areas in which it is believed that innovation can be particularly beneficial (for example, Green FinTech Challenge and themed events). Throught this project, FCA is promoting collaboration through the Global Financial Innovation Network, has signed 11 co‑operation agreements with international regulators, has involved international peers in its regtech work and TechSprints, and is working with international standard-setters to develop global standards.

    The evaluation concludes that, although it is still early, clearer conclusions on Innovate's impact can be drawn as firms spend more time in the market and the evidence base grows. However, FCA has identified ways in which it can do more now to expand the assessment capabilities. FCA is going to broaden the information it collects from firms it supports and expand how it formally monitors their progress over time. This should allow clearer comparisons with similar firms that do not receive FCA support.

     

    Related Links

    Keywords: Europe, UK, Banking, Insurance, Securities, Regtech, Fintech, Project Innovate, FCA

    Related Articles
    News

    EC Adopts Financial Reporting Changes Arising from Benchmark Reforms

    EC published Regulation 2021/25 that addresses amendments related to the financial reporting consequences of replacement of the existing interest rate benchmarks with alternative reference rates.

    January 14, 2021 WebPage Regulatory News
    News

    BIS Bulletin Examines Key Elements of Policy Response to Cyber Risk

    BIS published a bulletin, or a note, that examines the cyber threat landscape in the context of the pandemic and discusses policies to reduce risks to financial stability.

    January 14, 2021 WebPage Regulatory News
    News

    HMT Updates List of Post-Brexit Equivalence Decisions in UK

    HM Treasury, also known as HMT, has updated the table containing the list of the equivalence decisions that came into effect in UK at the end of the transition period of its withdrawal from EU.

    January 14, 2021 WebPage Regulatory News
    News

    EBA Issues Erratum for Technical Package on Reporting Framework 3.0

    EBA published an erratum for technical package on phase 1 of the reporting framework 3.0.

    January 14, 2021 WebPage Regulatory News
    News

    APRA Publishes FAQ on Measurement of Credit Risk Weighted Assets

    APRA updated a frequently asked question (FAQ), for authorized deposit-taking institutions, on the measurement of credit risk weighted assets.

    January 14, 2021 WebPage Regulatory News
    News

    EBA Publishes Risk Dashboard for Third Quarter of 2020

    EBA published the quarterly risk dashboard, along with the results of the Risk Assessment Questionnaire survey among 60 banks and 15 market analysts.

    January 13, 2021 WebPage Regulatory News
    News

    ECB Analysis Shows Privacy as Biggest Concern in Use of Digital Euro

    ECB concluded the public consultation on the introduction of a digital euro in EU.

    January 13, 2021 WebPage Regulatory News
    News

    ECB Finalizes Guide on Supervisory Approach to Bank Consolidation

    ECB published a guide that sets out the supervisory approach to consolidation in the banking sector.

    January 12, 2021 WebPage Regulatory News
    News

    SRB Chair Outlines Work Priorities for 2021

    The SRB Chair Elke König published an article setting out work priorities for 2021.

    January 11, 2021 WebPage Regulatory News
    News

    FDIC Selects Companies to Compete in Final Phase of Tech Sprint

    FDIC has selected 11 technology companies—including BearingPoint, Fed Reporter, Inc, and S&P Global Market Intelligence, LLC—for inclusion in the third and final phase of the rapid prototyping competition.

    January 11, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 6417