Accountant

MAP FinTech

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NEWS RELEASE

WEDNESDAY 03 FEBRUARY 2021

MAP Fintech reaction to new FCA regulations for fintech ‘payment institutions’

In response to FCA plans to implement stricter rules for fintech payment service providers, Mark Ellis, MAP Fintech UK’s Senior Business Development Manager, commented:

“The FCA must strike the right balance here, which is not easy. On the one hand we need these start-up banks to challenge traditional banks, innovate, and provide something new and better to consumers. On the other hand, consumers must be protected from potential failures. Regulators must be smart: they need to put down regulations that do not create significant barriers to entry, putting off newcomers in the sector and restricting innovation. At the same time, they must carefully filter who gets in in this sector.”

“Keeping London’s financial integrity intact is as much a show of its governance strength to the rest of the world as it is an effort to protect its own market participants. I think we can safely assume that the FCA is walking a tightrope between the laissez-faire and the draconian in their efforts to balance consumer safety with freedom for financial innovation.”

 

ENDS

Notes to Editors:

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About MAP FinTech

MAP FinTech is a leading and award-winning regulatory technology provider for the financial services industry, specialising in reporting solutions arising from the requirements of a number of complex and challenging international regulations such as EMIR, MiFID II, MiFIR, FATCA and CRS. MAP FinTech also provides innovative and comprehensive solutions for Best Execution Monitoring, RTS 27/28 reporting, AI Transaction Monitoring and Screening (AML), eKYC (Screening, eIDV, Document Authentication), Trade Surveillance (Market Abuse), and SFTR.

For more information on MAP Fintech’s products and services, visit www.mapfintech.com or contact the team at +357 2535 1335 / +44 207 060 5540 or info@mapfintech.com.