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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.

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