Global Fintech & Digital Assets Blog

Tag Archives: Bank of England

AI in UK Financial Services — What’s on the Horizon?

As regulatory thinking evolves, firms must ensure that any current or planned use of AI complies with regulatory expectations. By Fiona M. Maclean, Becky Critchley, Gabriel Lakeman, Gary Whitehead, and Charlotte Collins As financial services firms digest FS2/23, the joint Feedback Statement on Artificial Intelligence and Machine Learning issued by the FCA, Bank of England, … Continue Reading

Cyber and Payments Are Priority Areas for Policy Changes

Elisabeth Stheeman of the Financial Policy Committee outlined the new frameworks for building operational resilience against cyber risks and protection of payment chains. By Brett Carr and Stuart Davis On 9 September 2020, Elisabeth Stheeman, an External Member of the Financial Policy Committee (FPC) for the Bank of England (BoE) delivered a speech entitled, “The … Continue Reading

BoE Governor Speaks: Payments Firms Should Expect Regulatory Change

Andrew Bailey outlined what payments market participants can expect from regulators seeking to address financial stability risk in the world of payments, including as part of the rise and adoption of global stablecoins. By Brett Carr and Stuart Davis On 3 September 2020, the Governor of the Bank of England (BoE) Andrew Bailey delivered a … Continue Reading

Will Developments in the UK’s Regulation of Cryptoassets Bring Them Into The Mainstream?

UK regulators are addressing regulatory uncertainty through a number of regulatory initiatives due for implementation in 2019. By Stuart Davis Background Following the FCA’s consultation paper that offers guidance on the regulatory status of cryptoassets published in January 2019, the regulator is now engaging with the industry and other stakeholders such as law firms to … Continue Reading

New Kid on the Block – New UK Payment System Operator Takes Over

The consolidation of UK payment system operators marks another big step in delivering on the New Payments Architecture. By Stuart Davis and Brett Carr What happened? Operational responsibility for the Bacs and Faster Payments systems, which process a combined £6.3 trillion worth of payments annually, has transferred to the New Payment System Operator (NPSO). The … Continue Reading

Opening Up Access to UK Payment Schemes

Bank of England announces that, for the first time, a non-bank payment services provider has accessed the UK payments system directly. By Andrew Moyle, Stuart Davis, Charlotte Collins, and Brett Carr The Bank of England has announced that a regulated payment services provider (PSP) has become the first non-bank direct participant in the UK’s Faster … Continue Reading
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