September 20, 2024
The UK government and the FCA have announced plans to review regulations on the disclosure of retail information to improve transparency and investor confidence. This initiative aims to replace the regulation on packaged retail and insurance-based investment products (PRIIPs) inherited from the EU with a tailor-made framework for consumer composite investments (CCIs). Expected to be
September 17, 2024
With the advent and widespread adoption of technologies such as machine learning (ML) and generative AI, the InsurTech sector is expected to face tighter regulatory boundaries in 2024. But what does this mean for the industry? Global FinTech I spoke to many industry experts to find out. The InsurTech space is poised for significant regulatory
September 17, 2024
2024 is quickly becoming the summer of consent orders for small banks. This is because with the news Friday (June 28) that the Tennessee-based Bancorp Wire is now the last financial institution (FI) to be subject to the Federal Deposit Insurance CorporationFederal Financial Information Service (FDIC) oversight, operational, compliance and strategic risk management related to
September 15, 2024
Trusted Advisors' legal summary: INTRODUCTION The fintech industry has revolutionized financial services by leveraging technology to improve customer experience, security, and convenience. Artificial intelligence and digital innovation have fueled its rapid growth, enabling seamless self-service options, rapid assistance, and instant access to information. However, this exponential growth is threatened by a complex regulatory landscape, which
September 14, 2024
U.S. regulators are set to crack down on banks over the communities they serve through online lending. The measure is part of a broader effort to update fair lending standards established by the Community Reinvestment Act of 1977 (CRA). The updated regulations aim to prevent redlining, a discriminatory act in which certain areas, primarily populated
September 14, 2024
New Delhi: Financial Services Secretary Vivek Joshi on Wednesday urged the financial technology community to work in close coordination with banks so that it is scalable and compliant with regulations Solutions can be designed. Addressing the FICCI-IBA PICUP Fintech Conference, Joshi said that the fintech sector is growing very fast and India has the highest
September 14, 2024
https://www.pexels.com The use of fintech has grown at a very rapid pace in different fields and has changed the way they perform and complete financial transactions. The legal sector, which has traditionally been considered the slowest to adopt technology, is experiencing a revival of innovation due to the emergence of financial technologies. This has led
September 14, 2024
The area of regulatory compliance is complex and dynamic, presenting an ongoing challenge that is critical to the operational strategies of financial institutions. Ascensionan integrated regulatory lifecycle management platform, recently explored how businesses can ensure they effectively manage their regulatory lifecycle. Every day, businesses face an onslaught of new regulatory content—including topical updates, guidance, speeches,
September 13, 2024
The Reserve Bank of India (RBI) on Thursday released its final guidelines for fintech companies to set up a self-regulatory organisation (SRO) to enforce regulatory norms and promote transparency in the sector. According to the guidelines, OARs must be development-oriented, be genuine representatives and be legitimate arbiters of disputes. An OAR for fintechs (OAR-FT), an
September 11, 2024
Financial regulators In all countries, they have the "delicate" task of finding a balance between regulations and innovationgiven the rapid advances in technology, said Matthew Blake, director of World Economic ForumCenter for Financial and Monetary Systems. Countries in the Asia-Pacific (Apac) region have a more accommodating regime for fintech companies than others, said Blake, a
September 11, 2024
Banks, non-banks and fintechs have just one year to prepare for some of the biggest regulatory upheavals that will fundamentally impact the way they do business. Alex Reddish, Tribe Payments CEO delves into the intricacies of PSD3, PSR and FIDA – regulations set to reshape open banking, data access and security in the financial sector.
September 10, 2024
The Reserve Bank of India has released a draft framework for self-regulatory organisations focused on the fintech sector (SRO-FT). The main idea behind these guidelines is to enable the nascent sector to operate and innovate responsibly, even in the absence of formal regulations. “The SRO-FT is expected to play a crucial role in promoting responsible
