A PYMNTS Company

Canada/UK: UK and Ontario regulators form fintech pact

By  |  February 23, 2017

The Financial Conduct Authority has entered into a co-operation agreement with Candian regulator Ontario Securities Commission in an effort to boost innovation.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    The two bodies have committed to sharing information on emerging trends and regulatory issues relating to innovation in financial services. The agreement follows the creation of the FCA’s Innovation Hub in 2014.

    “The authorities intend to provide the fullest possible mutual assistance to one another within the terms of this co-operation agreement,” the agreement noted. It also said the framework of the agreement centred on a “referal mechanism” that allows each regulator to refer innovative businesses to their foreign counterpart.

    FCA executive director of strategy and competition Christopher Woolard said: “Today’s agreement with the OSC is a positive step towards promoting financial innovation in each of our respective markets.

    “It provides fintech businesses in Ontario and the UK with ready access to the regulatory support they need and we look forward to welcoming firms referred to us by the OSC to assist them in understanding the UK market and its financial regulation.”

    Full Content: Professional Advisor

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.