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GLOSSARY

Fintech definition

Published by a LexisNexis Financial Services expert

What does Fintech mean?

A wide range of activities in which companies use technology to make financial services, enable financial services or drive technological innovation of financial services. This could be in the areas of banking, insurance, investing and can be in relation to both retail and corporate markets.

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FCA consultation paper tracker—2019 [Archived]

FCA consultation paper tracker—2019 [Archived] This tracker sets out the consultation papers published by Financial Conduct Authority (FCA) in 2019, along with the publication of any subsequent rules and guidance. For details of FCA consultation papers from other years, see: FCA consultation paper trackers. For details of Prudential Regulation authority (PRA) and Financial Services Authority (FSA) consultation papers, see: • PRA consultation paper tracker [Archived] • FSA consultation paper tracker [Archived] Topic area Consultation Paper Description Publication date End of consultation period Policy Statement/Handbook Notice BrexitAuthorisation, approval and supervisionComplaints, compensation and claims managementRegulation of capital marketsPayment services and systems Regulation of personal pension and stakeholder products CP19/33: Quarterly Consultation No 26 The Financial Conduct Authority (FCA) has published Quarterly Consultation Paper No 26 (CP19/33), in which it consults on proposed miscellaneous amendments to the FCA Handbook:—clarification of the rules relating to Financial Services Compensation Scheme claims against appointed representatives and principals—changes to the Listing Rules’ requirements, which cross-refer to the Prospectus Regulation, for information to...

Payment Services Directive 2 (PSD2) and Payment Services Regulations 2017 (PSRs 2017)—timeline

Payment Services Directive 2 (PSD2) and Payment Services Regulations 2017 (PSRs 2017)—timeline The first Payment Services Directive (2007/64/EC) (PSD1) came into force on 25 December 2007 and was required to be implemented by Member States by 1 November 2009. PSD1 was implemented in the UK through the Payment Services Regulations 2009, SI 2009/209 (PSRs). PSD1 was intended to regulate payment service providers (PSPs) and harmonise the payments sector within the European Union (EU). However, advances in payment systems outstripped the regulatory capacity of PSD1 and, in July 2013, the European Commission (Commission) introduced a proposal for a second Payment Services Directive (PSD2). PSD2 (Directive 2015/2366) entered into force on 13 January 2016. Most of its provisions had to be implemented by Member States by 13 January 2018. PSD2 incorporated and repealed PSD1. PSD2 aimed to improve on PSD1 by, among other things: • increasing its scope so that it no longer includes only PSPs within the EU and the European Economic Area (EEA) • focusing on consumer protection...

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Impact of Brexit: BRRD—quick guide [Archived]

Impact of Brexit: BRRD—quick guide [Archived] This Brexit Bank Recovery and Resolution Directive 2014/59/EU quick guide details UK legislation and retained EU legislation that was amended and/or revoked by the Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018, SI 2018/1394 (the BRRD SI), the Bank Recovery and Resolution (Amendment) (EU Exit) Regulations 2020, SI 2020/1350 (the BRRDII SI), and other instruments with effect from the end of the implementation period following the UK’s withdrawal from the EU, as well as corresponding changes to Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) regulatory rules and guidance. It also highlights key areas in which the UK has opted to diverge from the EU bank recovery and resolution regime following the end of the implementation period. For high-level information on the status of EU bank recovery and resolution legislation under UK law with effect from 1 January 2021, see Practice Note: Quick Look Brexit Financial Services Legislation Status Guide—BRRD and BRRD II [Archived]. Background: The...

Financial Services News and News Analysis—Brexit toolkit [Archived]

Financial Services News and News Analysis—Brexit toolkit [Archived] ARCHIVED: This Practice Note is archived and is no longer maintained. Financial Services Brexit News and News Analysis Date News/News Analysis Description 29 January 2024 FCA publishes TPR data for solo-regulated firms, LNB News 29/01/2024 71 The Financial Conduct Authority (FCA) has published summary data on solo-regulated firms that entered, and those that left, the temporary permissions regime (TPR). 2 January 2024 FCA notes end of temporary permissions regime, LNB News 02/01/2024 38 The Financial Conduct Authority (FCA) has updated its temporary permissions regime (TPR) webpage to note that it ended on 30 December 2023. The FCA notes that there are arrangements that remain in place to enable some EEA firms to wind down their UK business in an orderly manner within the financial services contracts regime. The temporary marketing permissions regime (TMPR) will remain in place until 31 December 2025. 15 November 2023 House of Lords recommends creation of a Financial Services Regulation Committee, LNB News 15/11/2023 89 The House of Lords...

Discover our 133 Practice Notes on Fintech

Could you direct me as to where I can find relevant information regarding the general legal and regulatory environment surrounding fintech and peer-to-peer lending in the UK including any relevant FCA principles?

Could you direct me as to where I can find relevant information regarding the general legal and regulatory environment surrounding fintech and peer-to-peer lending in the UK including any relevant FCA principles? You may find: Fintech—overview and Cryptoassets—overview useful which contain a number of Practice Notes and news items relevant to the financial services regulatory environment surrounding fintech. Practice Note on: The UK regulation of crowdfunding platforms—essentials also sets out three broad types of crowdfunding, each distinguishable by the return for the funder: • Investment model—individuals make investments in return for a share in the profits or revenue generated by the company/project In the UK, the financial services regulatory regimes for corporate finance business and investment funds both tend to shape the structure of investment-based crowdfunding platforms. As both regimes have not traditionally been used to facilitate the participation of large numbers of retail investors, there was lobbying for the creation of a new regulatory regime specifically designed for investment-based crowdfunding. However, the Financial Conduct Authority’s...

What kind of regulatory framework exists for automated bots, or ‘robo-advisers’, offering financial advice? Does a person have a claim in the tort of negligence if they are misadvised by one?

What kind of regulatory framework exists for automated bots, or ‘robo-advisers’, offering financial advice? Does a person have a claim in the tort of negligence if they are misadvised by one? While robo-advisers are not subject to a specific or unique regulatory framework, the Financial Conduct Authority (FCA) published a statement in May 2018 saying it expects such services to meet the same regulatory standards as traditional advisory services. The FCA states this means that automated investment advisory services should as well take a ‘proportionate approach to information gathering while maintaining the appropriate level of client protection’. Although this has never been explicitly stated by a court in England and Wales, this might mean that the test for negligence against an automated adviser would be analogous to that of a normal financial adviser. As established in Bolam v Friern Hospital Management Committee, the standard of care owed by a professional must be ‘in accordance with a practice of competent respected professional opinion’. The standard of care the...

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Financial Services weekly highlights—16 January 2025

This week's edition of Financial Services weekly highlights includes: BoE eyes relaxed financial regulation to support growth; ESMA releases new Q&As on key EU financial regulations; plus dates for your diary over the coming week.