The Financial Conduct Authority (FCA) may be willing to relax rules to help new financial firms get off the ground, according to regulator Martin Wheatley.
The industry watchdog also hopes to foster new ideas and products directly through its newly created Innovation Hub for finance entrepreneurs. The Hub will provide advice and support to any initiative which can show that it would help consumers, said Wheatley, and the FCA is open to adjusting rules that hamper their progress.
“The Innovation Hub is part of our commitment to support innovation by opening doors to those – regulated and not – who come with fresh ideas about how to deliver financial services,” said Wheatley.
“This work levels the playing field by giving all firms eager to innovate access to our expertise so that the process of joining the financial markets or introducing new products does not seem so daunting.”
Despite the data protection regulation being implemented in 2018, 69% of IT decision makers don’t have the backing of their board to achieve GDPR compliance, according to Calligo.
The majority of the region’s 28 member states report that the situation has worsened over the past year, reports business management consultant Verisk Maplecroft.
Regulators in the UK, the US and Hong Kong instituted proceedings against more than 1,700 individuals last year, or four times the number of cases brought against companies.
The US Commodity Futures Trading Commission approved LedgerX as the first regulated clearing house for derivatives contracts settling in digital currencies.