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The UK’s Financial Conducts Authority’s David Geale on FinTech Regulation

On 27 September 2017, Fintech Melbourne in partnership with the UK’s Department for International Trade hosted an event on FinTech regulation with the UK Financial Conduct Authority’s (FCA) Director of Policy David Geale.

Interesting points from the night included:

  • The FCA has been, and continues to be, actively involved in engaging in dialogue with industry participants, both large firms and smaller start-ups.

  • As with other global regulators, the FCA is currently focused on blockchain, its potential effect on the market and the FCA’s role. The FCA released a discussion paper on distributed ledger technology earlier this year

  • The FCA recently issued an initial coin offering consumer alert.

  • The number of firms applying for the FCA’s regulatory sandbox exceeded initial expectations.

  • Some of the more interesting concepts that David has seen come through the sandbox put existing technology to a different use such as alternative credit scoring methods (eg using social media) and connected insurance (eg using fitbit data to determine insurance premiums).

  • Some UK firms have been experimenting with using videos to convey regulatory disclosures.

  • Digital identity and open banking are areas of interest going forward.

 

Copyright 2017 K & L Gates

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About this Author

Jim Bulling, KL Gates, financial services lawyer, funds management attorney
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Mr. Bulling's practise focuses on banking and financial services and he acts for a range of entities in the financial services and funds management industry. His clients include Australian and international investment managers, banks, trustees of superannuation funds, wholesale and retail investment trusts, funds management companies and financial planning groups.

His main areas of focus include banking and financial product disclosure issues, financial services compliance issues, financial product distribution issues and superannuation and...

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Michelle Chasser, KL Gates, financial services compliance lawyer, disclosure obligations attorney

Ms. Chasser is a corporate and regulatory lawyer with a focus on the superannuation and financial services industries. Ms. Chasser advises clients on a range of issues including compliance with Australian regulatory and licensing requirements, financial services compliance issues and disclosure obligations.

Ms. Chasser's clients include superannuation fund trustees, banks, wholesale and retail fund managers, as well as financial service providers.

61-3-9205-2086