News Topic: Financial Conduct Authority

Although Libor will will not be phased out until at least 2021, Randal Quarles said making the switch early is "consistent with prudent risk management." ... Read full article

An effort to increase awareness of the transition to a new benchmark rate, and nudge banks to start preparing, is expected to intensify in 2019. ... Read full article

Instead of focusing on testing grounds for fintech startups, regulators should develop initiatives to improve their own oversight and compliance technologies. ... Read full article

Mick Mulvaney, the agency’s acting director, suggests U.S. startups — like their U.K. counterparts — may eventually be able to test products without fear of regulatory action. ... Read full article

The London interbank offered rate will likely be replaced by a new reference rate that critics say is better suited for the derivatives market than it is for commercial lending. ... Read full article

Concerned about rising default rates, banks "significantly" tightened underwriting in the first quarter, the Bank of England said in a report published Thursday. ... Read full article

The Financial Conduct Authority is seeking input on whether it should expand its fintech testing ground to include startups and regulators from around the world. ... Read full article

More regulation, more regulators and more regulatory uncertainty both increase the cost of and inhibit financial services and payments innovation. ... Read full article