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FCA planning regulatory ‘nursery’ for fintechs
By Jon Yarker 20
th April 2021 10:29 am
The FCA will unveil a regulatory ‘nursery’ for fintechs this Autumn, after taking on the Kalifa Review’s recommendation for a ‘scalebox’.
Chancellor Rishi Sunak recently announced the regulator would be taking this work forward as part of Project Innovate to encourage the development of fintech companies.
The argument for this is that newly-authorised firms still require higher levels of support from regulators and often enhanced oversight as part of this.
In a speech marking national ‘fintech week’, FCA chief executive Nikhil Rathi said: “This [nursery] will create a period of enhanced oversight as those newly authorised firms develop and grow used to their regulatory status.
Levelling The Playing Field â 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.
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