View more on these topics

FCA teams up with global regulators in financial innovation push

Globe Global World Apple 440The FCA is setting up a Global Financial Innovation Network with other regulators to promote innovation in financial services across the world.

Ealier this year, the FCA said it wanted to build on its “regulatory sandbox” – where innovative firms can trial new business models with dedicated support – to strike a global deal over how firms can better work with regulators to bring new models into different countries as they increase in scale.

The FCA has said that it received 50 responses to that paper, which sounded a positive note on the idea of further collaboration from regulators.

‘You cannot outsource responsibility’: FCA sets out robo-advice regulation plans

The FCA has now issued a consultation on what tools the new network should have an how it can deliver on its objectives.

At its heart, the FCA  is proposing three main functions for the network, from providing a trial environment for cross-border business and a forum for joint policy work, to commiting to share what has worked and what hasn’t when it comes to emerging technology in each market.

FCA strategy and competition director Chris Woolard says the network is “an important next step for organisations like [the FCA] who are actively engaged in understanding and harnessing the benefits of innovation in financial services for consumers, while managing the potential harm.”

He adds: “The establishment of the network can help share the experiences and knowledge from across different markets, while also providing a platform for innovative firms wishing to scale their propositions via testing in multiple countries.”

Recommended

Equity release a growing market for solicitors – Pru

Research from Prudential conducted among UK private client solicitors shows a growing need for advisory work in equity release. Twenty nine per cent of solicitors believe demand for legal guidance in the area of equity release will increase in the next five years and over the last two years, one in four (26 per cent) […]

The-Co-operative-Cooperative-Bank-700x450.jpg

Co-op Bank clone draws FCA warning

Fraudsters are trying to scam consumers out of money by pretending to represent Co-operative Bank, the FCA has said in a warning notice today. A post on the regulator’s website says that the “clone firm” scammers are using the Co-op Bank brand as a way to get people to hand over details or money. The […]

How to use wills to protect your clients’ wishes

March was Free Wills Month! Free Wills Month brings together a group of well-respected charities to offer members of the public aged 55 and over the opportunity to have their simple wills written or updated free of charge by using participating solicitors in selected locations around England and Wales. Research by the Law Society* highlighted that only 64 […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There is one comment at the moment, we would love to hear your opinion too.

  1. Health inspectors writing the recipes for the chefs ?

Leave a comment

Close

Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm

Email: customerservices@moneymarketing.com