Sales League Table 2020 | Banking Technology Winners

Results Announced!

IBS Intelligence launches BankTech Daily News

Subscribe today. Limited time offer.

The Black Swan Opportunity | Get your bank digital ready.

IBSI Special 5 Digital Report Package with Special Offer. Subscribe now

India FinTech Report 2020

Insights into the historical and projected market size of key FinTech categories. Subscribe now

FCA announces new business priorities with special focus on COVID-19

The Financial Conduct Authority (FCA) has announced new business priorities for the year with special emphases on the COVID-19 pandemic. The FCA has stated that it will focus on enabling financial services businesses to support their clients and help them in avoiding scams. The regulator said, “Alongside HM Treasury and the Bank of England, the FCA has already made a series of interventions at unprecedented speed to protect consumers, firms and the markets. These have ensured that customers retain access to essential banking services and are able to benefit from flexibility on mortgage and other debt payments.”

According to the FCA, it will ensure the availability of financial services for the vulnerable, tackle scams, provide fair treatment for consumers and small firms, ensure the orderly functioning of the market and help in mitigating firm failures.

FCA Interim Chief Executive, Chris Woolard, said, “In a matter of weeks, coronavirus has altered the UK’s financial landscape dramatically. At times like this, it is more important than ever that the FCA leads the way on the protection of consumers, firms and the markets. Our Business Plan recognises the impact of coronavirus on the financial services industry while looking forward at how we transform the FCA’s operations in future.”

The regulator has charted four priority areas in the Business Plan that includes ensuring customers with safe and accessible payments, discouraging unaffordable debts, making effective investment decisions and negating unfair treatment in pricing and other terms.

It is also focusing on transforming its operations, including data collection, analysis, management, etc. It will also look into how firms are supervised and how unacceptable firms and individuals are stopped and removed from the regulated sector as quickly as possible.

Recently, FCA issued new guidance for the mortgage lenders, administrators and the small business lenders involved with the Coronavirus Business Interruption Loan Scheme.

Related IBS Intelligence Research

Related Posts

Rapyd logo

Rapyd completes acquisition of Iceland’s Korta

UK-based Rapyd, has completed the acquisition of Korta, an Iceland-based payment card service provider. Rapyd helps merchants, gig-economy platforms, and technology providers create and launch applications without having to build payments infrastructure. Korta provides merchants with a range of in-store and digital payment acceptance solutions. The deal was originally announced in April 2020. Rapyd CEO […]

This post is only available to members.

Read More »
P20 logo

P20 analyses global Payee Verification approaches

P20 has published its interim report Payee Verification: Overview of Approaches used by Credit-Push Payment Systems. The report from P20’s Regulation Working Group which focuses on criminal transactions and fraud, examines the approaches being used to reduce authorised push payment (APP) fraud and compares the methods being used in the US, UK, and Australia. The […]

This post is only available to members.

Read More »

Signicat: 41% of Europeans shut off from financial services in lockdown

Digital identity specialist Signicat has found that 41 per cent of consumers across Europe have been unable to access new financial services as a result of lockdown restrictions and a lack of access to digital options. In a research report, the Norwegian identity provider found that while consumers have had to turn to online and […]

This post is only available to members.

Read More »

OpenPayd releases crypto banking and payments service

API-led Banking-as-a-Service provider, OpenPayd has released its banking and payments solution for digital currency businesses. The service is expected to provide cryptocurrency businesses with access to a range of banking and payment networks. According to OpenPayd, the platform will offer crypto businesses with access to crypto-friendly banking, simplified cryptocurrency purchase, fiat and digital currency exchange […]

This post is only available to members.

Read More »

Adyen expands acquiring capabilities to Malaysia

Adyen, an Amsterdam-based global payments platform, announced the expansion of its acquiring capabilities to include Malaysia. The company has launched its acquiring solution in Malaysia to help local businesses achieve higher authorization rates, better customer experience, and deeper data insights as the Malaysian market transitions to online payments. “Rolling out our acquiring solution in Malaysia demonstrates […]

This post is only available to members.

Read More »