The UK Senior Managers and Certification Scheme is to be extended in 2018 to cover most FCA-regulated firms.
The consultation sought stakeholders’ input in order to further develop the Commission’s approach towards FinTech.
At the same time the FCA has said that it wants to move away from a fear based culture of regulation.
While each regulator chooses its own way, most believe the best approach is to look past the technology and focus on how products behave. But this could change as digital currencies proliferate.
Given the international reach and inter-connectedness of global financial markets, it comes as no surprise that the legislation’s impact extends beyond the EU.
A UK charity has argued that automatic increases in credit limits can worsen an individual’s debt situation and has advocated for a ban on increases in credit without the cardholder’s explicit consent.