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

    PRA Proposes Changes to Consolidated Prudential Rules Under CRD5/CRR2

    PRA proposed rules (in CP12/21) for the application of existing consolidated prudential requirements to financial holding companies and mixed financial holding companies that have been approved or designated in accordance with Part 12B of the Financial Services and Markets Act 2000 (FSMA).

    June 21, 2021 WebPage Regulatory News
    News

    ECB Extends Leverage Ratio Relief for Banks Until March 2022

    ECB Banking Supervision announced that euro area banks it directly supervises may continue to exclude certain central bank exposures from the leverage ratio until March 2022.

    June 18, 2021 WebPage Regulatory News
    News

    OSFI Consults on Treatment of Credit Valuation Adjustments

    OSFI decided to increase the Domestic Stability Buffer from 1.00% to 2.50% of total risk-weighted assets, with effect from October 31, 2021.

    June 18, 2021 WebPage Regulatory News
    News

    HKMA Requires Banks to Submit Plans for Fintech Adoption

    HKMA is requesting banks to participate in a tech baseline assessment, which forms part of the HKMA Fintech 2025 strategy.

    June 18, 2021 WebPage Regulatory News
    News

    OSFI Consults on Operational Risk Capital Data Management Expectations

    OSFI published two documents to consult on the management of operational risk capital data for institutions required, or for those applying, to use the Basel III standardized approach for operational risk capital in Canada.

    June 18, 2021 WebPage Regulatory News
    News

    NGFS on Addressing Financial Stability Issues from Biodiversity Loss

    The NGFS Study Group on Biodiversity and Financial Stability published a Vision paper exploring the case for action in addressing the financial stability concerns arising from biodiversity loss.

    June 18, 2021 WebPage Regulatory News
    News

    ACPR Publishes CREDITIMMO Version 2.3.0 Taxonomy for Banks

    ACPR published the final version of CREDITIMMO 2.3.0 taxonomy for the decree of October 31, 2021.

    June 18, 2021 WebPage Regulatory News
    News

    EC Prolongs Italian Guarantee Scheme for Non-Performing Loans

    EC, has approved, under the EU State Aid rules, the fourth prolongation of the Italian guarantee scheme to facilitate the securitization of non-performing loans.

    June 18, 2021 WebPage Regulatory News
    News

    ECB Amends Guideline on Temporary Collateral Easing Measures

    ECB published Guideline 2021/975, which amends Guideline ECB/2014/31, on the additional temporary measures relating to Eurosystem refinancing operations and eligibility of collateral.

    June 17, 2021 WebPage Regulatory News
    News

    EIOPA Releases Report on Artificial Intelligence Governance Principles

    EIOPA published a report, from the Consultative Expert Group on Digital Ethics, that sets out artificial intelligence governance principles for an ethical and trustworthy artificial intelligence in the insurance sector in EU.

    June 17, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 7128