Financial Regulation and FinTech

If you are a FinTech business seeking to provide financial services in the UK, you will need to think about financial regulation.

There are several routes for obtaining an authorisation to provide financial services in the UK with different cost and strategic implications.  As a FinTech start-up business, you need to consider your regulatory strategy to ensure that the selected route aligns with your business model and aspirations.  This should be considered early in the process to ensure that regulation does not undermine your business aspirations and that you are ready to operate immediately following successful regulatory approval. 

 

The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) rulebooks are extensive and FinTechs may require assistance to identify the various routes to authorisation, establish which rules are applicable and how to comply with them optimally.

 

The FCA also provides a mechanism known as the ‘Regulatory Sandbox’ which enables FinTech start-ups to test innovative technologies in a controlled environment under the regulator’s supervision.

 

Crescendo Advisors works in partnership with FinTech start-ups to provide assistance and accelerate your regulatory journey by:

 

  • Providing industry insight and advice to help you shape your business model to align with relevant regulations

  • Providing guidance on risk policies, business processes and governance to support your application for authorisation

  • Providing advice on how to work with the UK regulators using the Sandbox mechanism

  • Assisting with the process of submitting your regulatory application

  • Supporting your engagement with regulators to facilitate the approval process

  • Providing Board updates and training

We can operate on a project or retainer basis as partners in the early set up and ongoing risk management and compliance of your FinTech organisation.

If you would like to talk to us about how we can provide regulatory approval guidance to your board, call us today on 07766 725315 or email isaac.alfon@crescendo-erm.com

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