Sam Pearse, partner at Pillsbury Law, discusses how the Financial Conduct Authority (FCA) is looking to regulate FinTech startups.
The Financial Conduct Authority’s (FCA) recently released 2016 Business Plan continued the FCA’s theme of encouraging competition in the financial services industry, such as that seen in the updated Payment Services Regulations (PSRs) in 2015.
In each case the intention is to assist market entry for innovative technologies. For the 2016 Business Plan the new initiatives are intended to be of benefit to new players in the market and those established bodies looking to breathe new life into their offerings. The FCA is looking to build on the positive reaction to Project Innovation and continue to support the disruptors.
Regulatory sandbox
Possibly the most eye-catching initiative, particularly for startups and, importantly, investors is the regulatory sandbox....