Financial regulation
Regulatory bodies
Which bodies regulate the provision of fintech products and services?
The Financial Conduct Authority (FCA) is the financial services regulator for most regulated activities and services that a fintech would provide. The Prudential Regulation Authority covers the prudential regulation of banks and insurers in the United Kingdom with the FCA regulating conduct matters (making banks and insurers dual-regulated entities). The FCA and the Payment Services Regulator (PSR) – which has a focus on competition and innovation – are the main regulators of payment systems and the financial institutions that participate in them.
Other relevant regulators that fintechs will need to be aware of are HM Revenue and Customs (HMRC) (the relevant regulator for money service businesses) and the Information Commissioner’s Office.
Regulated activities
Which activities trigger a licensing requirement in your…
