Status: Draft -- Not PublishedWill be live at 03/14/2018 00:00
IIF Response: FCA Authorisation Consultation
Wednesday, March 14, 2018
The IIF has today submitted our comments to the UK Financial Conduct Authority's (FCA) on their consultation document "Our approach to authorization." While the consultation covers the topic of authorization more generally, the IIF's comments are concentrated on the emergence of fintech competition for sector regulation and supervision.
The FCA has taken a lead role among global supervisors in catalyzing innovation in the financial sector and ensuring competition, enhanced market integrity and improved financial services. The IIF applauds the FCA's continued support of innovation in the financial sector through its experimentation with new technology, its industry-leading sandbox, and supporting institutions in the implementation of regtech and fintech solutions. We also welcome the FCA's interest in promoting a sandbox with global reach.
In our comments, the IIF stresses the importance of regulatory frameworks being based on activities rather than entities, in order to ensure that the same risks, regardless of the entity that harbors them, are subject to the same regulation.