0370 270 6000

already registered?

Please sign in with your existing account details.

need to register?

Register to access exclusive content, sign up to receive our updates and personalise your experience on brownejacobson.com.

Privacy statement - Terms and conditions

FCA response on regulatory barriers to innovation

10 March 2016
The Financial Conduct Authority has published a feedback statement - the latest effort in its ongoing push to foster competition through innovation. The statement responds to the views solicited by the FCA in its June call to input on regulatory barriers to innovation in digital and mobile solutions. 45 industry firms, trade bodies and interested parties answered the call, and the FCA’s response to the consultation is to pledge more consultation and engagement, in the following areas:
  • Payments Services – FCA will seek industry views on implementing Payment Services Directive II and will host a payments event in spring 2016
  • Financial Advice – FCA to carry out a Financial Advice Market Review
  • Cloud outsourcing – FCA to address issues through its guidance consultation on third-party cloud providers
  • Communications – issues raised will be addressed in the FCA’s feedback statement to its Smarter Consumer Communications discussion paper
  • Customer Due Diligence – FCA to continue to provide input on implementing the Fourth Money Laundering Directive to facilitate digital provision of anti-money laundering checks.
Its commitment to continued consultation signals the FCA’s recognition of the potentially stifling effect of regulation on innovation, and indicates a willingness to seek some balance.

related opinions

Sexual Harassment in the workplace – consequences of getting it wrong

A partner at a Magic Circle law firm has this week been ordered to pay £235,000 in fines and costs by a disciplinary tribunal, having been found guilty of breaching his professional obligations.

View blog

Compulsory drone registration goes live on 1 October 2019

As part of the continued tightening of the restrictions on drone use within UK airspace, the latest amendments to the Air Navigation Order 2016 come into force on 30 November 2019.

View blog

Second prosecution of its kind following Ofsted investigation for running an illegal school

A Head Teacher and her father were convicted at Westminster Magistrates’ Court for running an unregistered private school in Streatham.

View blog

IR35 changes - six months and counting...

In his 2018 Autumn Budget, the then Chancellor, Phillip Hammond, announced a significant change to the way liability for IR35 breaches will be dealt with for private sector companies from April 2020.

View blog

mailing list sign up

Select which mailings you would like to receive from us.

Sign up