Financial Conduct Authority

Five lenders withdraw from U.K.'s coronavirus rescue plan


The firms say they can't handle crushing loan demand from small and medium-sized businesses.


Transition from Libor to new benchmark should begin now: Fed’s Quarles


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."


Libor is going dark in 2021, and some banks aren’t ready


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.


Banking needs a regtech sandbox


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


CFPB looking to hop on fintech sandbox bandwagon


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.


Uneasy transition: Banks prepare for Libor’s demise


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.


U.K. banks start cracking down on consumer borrowing


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


U.K. regulator's big idea: Take innovation sandbox global


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.


Regulators say they promote innovation, but the opposite is true


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


U.S. fintech industry jealously eyes U.K. regulatory scheme


British regulators are touting the success of their so-called regulatory sandbox. Their American counterparts have been unable to agree on a comprehensive scheme to foster innovation.