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

    MAS Amends Notice 610 on Reporting Templates for Banks in Singapore

    MAS published amendments to Notices 610 and 1003 related to submission of statistics and returns, along with the reporting templates and frequently asked questions (FAQs) associated with these Notices.

    January 24, 2020 WebPage Regulatory News
    News

    HKMA Updates Policy Module on Supervisory Review Process

    HKMA is issuing, by notice in the Gazette, revised versions of two Supervisory Policy Manual modules as statutory guidelines under section 7(3) of the Banking Ordinance. The Supervisory Policy Manual modules are CA-G-5 on “Supervisory Review Process” and SB-2 on “Leveraged Foreign Exchange Trading.”

    January 24, 2020 WebPage Regulatory News
    News

    PRA Amends Pillar 2 Capital Framework for Banks

    PRA published the policy statement PS2/20 that contains the final amendments to the Pillar 2 framework and provides feedback to responses to the consultation paper CP5/19 on updates related to Pillar 2 capital framework.

    January 23, 2020 WebPage Regulatory News
    News

    BIS Survey Examines Progress of Central Banks Toward Digital Currency

    BIS published a paper that presents the results of a survey that asked central banks how their plans are developing in the area of central bank digital currency (CBDC).

    January 23, 2020 WebPage Regulatory News
    News

    FED Proposes to Revise Information Collection Under Market Risk Rule

    FED proposed to revise and extend, for three years, FR 4201, which is the information collection under the market risk capital rule.

    January 22, 2020 WebPage Regulatory News
    News

    HKMA Consults on Stay Rules on Financial Contracts Under FIRO

    HKMA published proposals for making rules related to contractual stays on termination rights in financial contracts for authorized institutions under FIRO or the Financial Institutions (Resolution) Ordinance (Cap. 628).

    January 22, 2020 WebPage Regulatory News
    News

    MAS Amends Notices on Minimum Liquid Asset Requirements for Banks

    MAS published amendments to Notices 1015, 613, and 649 related to the minimum liquid assets (MLA) requirements.

    January 21, 2020 WebPage Regulatory News
    News

    APRA Publishes Submission on Fintech and Regtech

    APRA published its submission, to the Senate Select Committee, on financial technology and regulatory technology.

    January 21, 2020 WebPage Regulatory News
    News

    OSFI to Implement Operational Risk Capital Rules for Banks in Q1 2022

    OSFI decided to move domestic implementation of the revised Basel III operational risk capital requirements from the first quarter of 2021 to the first quarter of 2022.

    January 20, 2020 WebPage Regulatory News
    News

    ECB Consults on Guideline on Threshold for Credit Obligations Past Due

    ECB published a draft guideline, along with the frequently asked questions (FAQs), on the definition of the materiality threshold for credit obligations past due for less significant institutions.

    January 20, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 4541