Financial Conduct Authority’s Post

In a speech at the TheCityUK National Conference, Financial Conduct Authority COO Emily Shepperd outlined the new 5 year strategy The FCA’s new strategy outlines four key priorities for the financial services sector: 1️⃣ Economic Growth & Innovation – Fostering a thriving financial sector, encouraging innovation, and maintaining market integrity. 2️⃣ Tackling Financial Crime – Strengthening efforts against fraud and money laundering through data-driven collaboration and smarter regulation. 3️⃣ Building Consumer Resilience – Helping consumers make informed financial decisions and improving access to appropriate financial products. 4️⃣ A More Efficient & Effective FCA – Streamlining processes, reducing regulatory costs, and enhancing operational performance. A central theme underpinning the strategy is trust—trust in the FCA as a regulator, trust within the financial sector, and consumer trust in the services they use 💡 Shepperd highlighted that the strategy, shaped through extensive stakeholder collaboration, also sets the tone for proportional and predictable regulation, balancing risk appetite while supporting sustainable growth and innovation https://lnkd.in/eJ57ir5E

The FCA has today published a recent speech in which Emily Shepperd outlined the FCA's new five-year strategy, which focuses on four key themes: Economic growth and innovation: The FCA aims to support economic growth and encourage innovation within the financial services sector. Financial crime: Tackling financial crime remains a priority to ensure the integrity of the financial system. Consumer resilience: Building consumer resilience to help individuals better manage their financial well-being. Efficiency and effectiveness: Becoming a more efficient and effective regulator to better serve the financial services market.

Strategic Update; What’s new from the FCA! The Financial Conduct Authority (FCA) have unveiled the regulator's 5-year strategy this week. Here are the key takeaways: 1️⃣ Four main focus areas: - Becoming a more efficient and effective regulator - Tackling financial crime - Building consumer resilience - Supporting economic growth and innovation 2️⃣ Emphasis on building trust across the financial services sector 3️⃣ Commitment to reducing regulatory costs while maintaining high standards 4️⃣ Plans to leverage technology and data analytics to enhance regulatory effectiveness 5️⃣ Focus on supporting innovation, including AI development and open banking opportunities 6️⃣ Aim to facilitate investment in the real economy and improve retail access to financial markets The FCA is setting ambitious goals for 2030, recognizing that meaningful change takes time. This strategy promises to shape the future of UK financial services, balancing growth with consumer protection and market integrity. What are your thoughts on these strategic priorities? How do you think they'll impact the industry? #FinancialRegulation #FCA #FinTech #Innovation #EconomicGrowth https://lnkd.in/e4msXmj6

Following the launch of the Innovate Finance and City of London Corporation report on RegTech, our Policy team’s Paul Worthington and Christopher Foo have jointly authored a blog on “The ‘RegTech test’: How can regulators encourage the adoption and growth of RegTech in financial services compliance?”. This blog explores the benefits of RegTech and how UK regulators can encourage and accelerate the growth of compliance technologies, as done in Hong Kong by the Hong Kong Monetary Authority (HKMA). The Prudential Regulation Authority and Financial Conduct Authority should start by introducing a ‘RegTech test’ whenever new regulations are introduced to help assess how technology can assist firms with regulatory compliance. This would require, among other things: 👉 Introducing a compliance technology impact assessment; and 👉 Creating a compliance technology working group. To find out more, read the blog in full here: 🔗 https://lnkd.in/e8Xdf3pS #RegTech #InnovateFinance #VoiceOfFinTech #Policy #TeamInnFin

Here here and refreshing to hear a positive story on the benefits of #regulation. Approached in the right way regulation should be embraced by #financialservices to drive benefits to customers, shareholders and technology innovators to keep people’s money safe.

It was a lot of fun to collaborate with Christopher Foo on this article exploring our RegTech test report that we published as part of UK FinTech Week. If you haven't had a chance to read the report and want a tldr on our partnership with the City of London Corporation to explore this topic and why we see RegTech as a key component of the future of financial services regulation, check it out below 👇 #RegTech #digital #regulation #IFGS #UKFinTechweek #SupTech

The Ontario Securities Commission plans to be a more visible enforcer in the coming years and stay ahead on emerging fields like AI — all while making Canada’s largest capital markets more inviting with less regulatory burden. #capitalmarkets #investing #AI #Canada #OSC Ontario Securities Commission Canadian Securities Administrators (CSA) - Autorités canadiennes en valeurs mobilières (ACVM)

Yesterday, FCA COO Emily Shepperd delivered a speech outlining the FCA's new 5 year strategy through to 2030 which is aimed at: fostering growth in the financial services sector; promoting innovation; and ensuring effective and proportional regulation. The new FCA strategy focuses on 4 key themes: 1️⃣ Regulation: following feedback from industry stakeholders, the FCA is aiming to make regulatory requirements "more efficient, more effective and more proportionate." In doing so, the FCA hopes to "increase value for money and reduce regulatory cost". 2️⃣ Financial crime: similarly to regulation, the FCA is looking for industry feedback on how to reduce the "cost of financial crime controls" while maintaining the "high standards the UK is known for." 3️⃣ Consumer resilience: the FCA wants to increase consumer access to, and confidence in appropriate financial products and services to support "financial wellbeing through their whole lives." 4️⃣ Growth and innovation: finally, the FCA wants to support growth and innovation in financial services as it recognises that a "well-run regulator can set the mood and environment to underpin a thriving financial services sector". The FCA aims to do this by: reducing the cost of regulation; lowering the barriers to entry for new business models; and improving access to the 'real economy'. #financialservices #FCA #RSM

Hong Kong #fintech bros and sis rejoice -- establishing a new fintech ecosystem is now firmly on the Hong Kong agenda 🇭🇰🇭🇰🇭🇰 📌 Summary and impact 📌 1️⃣ Two weeks ago, #HongKong Chief Executive John Lee delivered the 2024 Policy Address to the Legislative Council 2️⃣ The annual address aims to strengthen communications between the government and its residents by providing a high level overview on focus areas and direction 🗣️ 3️⃣ This year, the address' title is "Reform and Embrace Changes to Achieve Prosperity"... 4️⃣ ...including, amongst other agenda items, a narrative around Hong Kong's need to "consolidate and enhance (their) status as an international financial centre"... 5️⃣ ...plus the push to "develop new quality productive forces tailored to local conditions", such as the establishment of a new fintech ecosystem 🌐 6️⃣ This new ecosystem relates to the government's support of innovative financial services including #CBDCs, virtual banks, virtual assets (#DigitalAssets), and #AI... 7️⃣ ...including a commitment to promote #RWA tokenisation, #DigitalCash, and the development of a "digital securities market" 8️⃣ This support will likely take the form of supportive regulations, increased regulatory and compliance clarity, and government grants to defray the cost of adoption (e.g., Hong Kong's Digital Bond Grant) 💰 9️⃣ In all, the entire address is well worth a read -- and of course, only time will tell if these big ambitions can be realized 🔟 PS: Looking forward to seeing Singapore's response 😉

🚀 Breaking News: EU Listing Act 2024 - Driving Change in Capital Markets 🚀 We at Axiology are giving close attention to the recent legislative developments in Europe. The European Parliament's approval of the EU Listing Act marks a significant stride towards simplifying the procedures and reducing the regulatory bottlenecks previously faced by players in the capital markets. 🌍 🌐 Key Changes and Dates: The act introduces pivotal changes to the Market Abuse Regulation and Prospectus Regulation aimed at encouraging more companies to join European capital markets. The new rules simplify documentation requirements and reduce administrative strains for issuers, expected to be enacted 20 days following their official publication. 🔍 Axiology’s Alignment: As a firm that operates using Distributed Ledger Technology (DLT), Axiology stands to gain from the streamlined processes introduced by the EU Listing Act. Our technology platform is designed to simplify the trading and management of tokenized securities, which the new act supports by enhancing efficiencies in market processes. 📋 Detailed Impacts: Simpler Issuance Process: The redefined Prospectus Regulation under the EU Listing Act allows for easier issuance of securities, reducing costs and time for companies including ours. Enhanced Market Access: The alteration in market abuse regulations permits a more straightforward approach for new entrants, increasing their ability to compete in European markets. Technical and Operational Efficiency: The Act's leaning towards digital innovations complements Axiology’s use of DLT to transform securities trading, making it faster and more dependable. 🔗 Why This Matters to Us and the Industry: These legislative developments not only facilitate a more inclusive market environment but also significantly benefit infrastructural technologies like ours. Axiology is positioned not just to comply with these new regulations but to leverage them to enhance our offerings in government and corporate bond markets. 📈 Looking Forward: Axiology remains committed to adapting and innovating in response to regulatory changes. We continue to refine our technology to ensure it remains at the cutting edge, facilitating a more fluid, transparent, and efficient capital market system. Stay connected with us for more updates on how we are aligning with and capitalizing on legislative developments to better serve our clients and partners. 🔗 #Axiology #CapitalMarkets #DLT #EUListingAct #Finance https://lnkd.in/eMdsXMuA