The Weekly Wrap: all you need to know by Friday COB | Dec 9th

By Puja Sharma

The Weekly Wrap is published every Friday and recaps the week’s main stories and deals, as well as upcoming events and announcements. For Prime subscribers only.

The Big Story

The FCA has proposed new measures to clamp down on illegal, unfair or misleading financial marketing.

The FCA outlined new checks for those firms which want to approve financial promotions. The new measures will require firms to demonstrate they have the right expertise for the promotions they wish to approve. Under current legislation, any authorised firm is allowed to approve financial promotions on behalf of other firms who are not authorised by the regulator. Changes being introduced by Parliament will require authorised firms to undergo new screening checks before they are allowed to approve financial promotions, giving the FCA greater oversight to stop harm before it occurs.

Firms will also be required to regularly report back to the FCA on financial promotions they have approved, helping the FCA crack down on rogue adverts. The proposed reforms will ensure the FCA can act quickly to put a stop to harmful financial promotions communicated by unauthorised firms, including in areas such as high-risk investments and Buy Now Pay Later.

Sarah Pritchard, Executive Director, Markets said, ‘Social media and online advertising means that consumers are taking less time between seeing a promotion and making a financial decision. It is, therefore, essential that they are equipped with the right information at the right time so that they can make good financial decisions. This is especially important as we face the rising cost of living.

‘These proposals will ensure those approving ads have the appropriate expertise and are held accountable for the promotions they sign off.’

Deals of the week

• HDFC Bank partners with Mintoak to develop payment solutions for MSMEs
• Worldline brings Express Transit for Apple Pay to France
• Uplinq raised $5.6m to empower SMBs with automated financial data and bookkeeping
• Ajman Bank announces strategic partnership with KMMRCE Pay
• Modefin signs deal with Meghna Bank for mobile financial solutions
• SentBe and Currencycloud partner to boost international remittance
• Curve closes $1b credit facility from Credit Suisse
• UK challenger Allica Bank raises £100m in Series C led by TCV
• bondIT raises $14m in new investment round led by BNY Mellon
• Syncfy raises $10m in seed funding to build open finance platform in Latin America

Be on the lookout for

India Global Forum (IGF) announced that the India Global Forum UAE 2022 – Partners for Global Impact to be held in the UAE from December 12th to 16th, 2022 will be inaugurated by India’s External Affairs Minister, Dr. S Jaishankar. The week-long high-profile gathering will bring together leading political, business, and cultural figures from India, UAE, and across the world.

Covering the breadth of bilateral relations between India and the UAE, climate finance, technology, and investments, the five-day event will also be an opportunity at this critical juncture to discuss India’s global aspirations and its presidency of the G20 amidst challenging geopolitical scenarios. Featuring inspiring conversations, exchanges, and debates, the event comes at an opportune moment as the India-UAE relationship goes from strength to strength. The forum will also present opportunities for businesses and entrepreneurs of both countries to work together for regional and global impact. Participants can book in-person participation at India Global Forum.

Commenting on the event, Professor Manoj Ladwa, Founder and Chairman, of India Global Forum said, “The world is at a critical juncture in many ways, whether it’s tackling climate change or addressing global economic turbulence. It’s more important than ever that nations, businesses, and influencers seek common ground and work on positive outcomes for global impact. Our UAE edition of India Global Forum, which is the first major global event after India’s ascendency to the G20 presidency, will enable just that.”