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Transforming To A Forward-Looking, Proactive Regulator - Speech By UK Financial Conduct Authority CEO, Nikhil Rathi, Delivered At The FCA s Our Role And Business Plan Webinar

Transforming To A Forward-Looking, Proactive Regulator - Speech By UK Financial Conduct Authority CEO, Nikhil Rathi, Delivered At The FCA s Our Role And Business Plan Webinar
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Global Payments Newsletter, May 2021 | Hogan Lovells

Surveys and Reports Regulatory Developments United Kingdom: Financial Services Act 2021 becomes law On 29 April 2021, the Financial Services Bill 2019-21 received Royal Assent. In a press release, HM Treasury described the Financial Services Act 2021 (the Act) as a ‘major milestone in shaping a regulatory framework for UK financial services outside of the EU.’ The Act makes significant amendments to key legislation, including the Financial Services and Markets Act 2000 (FSMA) and onshored EU financial services regulation. Sections of particular relevance include the following: Section 29 requires the FCA to consult on whether it should make rules providing that authorised persons owe a duty of care to consumers. The consultation was launched on 14 May 2021 (see the separate item below). The FCA must publish the results of its analysis before 1 January 2022 and make final rules by 1 August 2022;

New in KC: Why UMKC s island-hopping tech leader is trading Hawaiian surf for Kansas City turf

New in KC: Why UMKC’s island-hopping tech leader is trading Hawaiian surf for Kansas City turf  New in KC: Why UMKC’s island-hopping tech leader is trading Hawaiian surf for Kansas City turf  The Midwest is home, said Chris Rehkamp. “That’s where I feel like I’m really grounded. A piece of this move was wanting to be near family, and another piece is that it’s what feels natural,” Rehkamp said of accepting a position as the associate director of the Tech Ventures Studio at the University of Missouri-Kansas City’s Innovation Center. Rehkamp started the role in January, and is officially set to move to Kansas City from Hawaii later this month, he shared. The Tech Ventures program continues to be led by Jill Meyer.

Levelling The Playing Field – Innovation In The Service Of Consumers And The Market - Speech By UK Financial Conduct Authority CEO, Nikhil Rathi, To FinTech Week

Levelling The Playing Field – Innovation In The Service Of Consumers And The Market - Speech By UK Financial Conduct Authority CEO, Nikhil Rathi, To FinTech Week Date Highlights Support for innovation has been matched by action to protect consumers and markets. The FCA will be taking forward the Kalifa Review’s recommendation for a Scalebox, including the creation of a regulatory nursery. Online search and social media firms need to take greater responsibility for their role in connecting consumers with these investment offers. We also need to make sure that our internal processes allow for quick action, which is why we are currently reviewing how our Regulatory Decisions Committee functions.

UK exploring plans to launch its own digital currency

The announcement comes as part of a wider package of measures the government is hoping will boost the UK’s fintech and financial services industries. As part of the policy, the government will establish a Centre for Finance, Innovation and Technology as well as the second phase of its Digital Sandbox to allow companies to test concepts that tackle sustainability and climate change-related challenges. “Our vision is for a more open, greener, and more technologically advanced financial services sector,” said the chancellor Rishi Sunak. “The UK is already known for being at the forefront of innovation, but we need to go further. 

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