Following the creation of the FCA’s Innovation Hub in 2014 and the OSC LaunchPad in October 2016, the agreement will help businesses with innovative ideas navigate through the ever-shifting regulatory landscape.
The agreement has been reached to allow and assist FinTech businesses to expand into new markets. Canadian companies will receive support on the regulatory landscape within the UK, while UK businesses will receive similar support from the Ontario Securities Commission (OSC). The regulators will look to lessen the burden of regulatory uncertainty and time to market for FinTech businesses.
The FCA and OSC have further agreed to share information on changing regulations and emerging trends within the Financial Services sector.
Those referred by the regulators will have access to a team of dedicated support staff who will help them to understand the regulatory framework and how it applies to them.
Writing on the FCA website, Christopher Woolard, Executive Director of Strategy and Competition at the FCA, 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.”
Read the full story on the Financial Conduct Authority website:
Signed this week, the Agreement allows the Financial Conduct Authority (FCA) and the Ontario Securities Commission (OSC) to refer to one another innovative businesses seeking to enter the other's market. The regulators may provide support to innovative businesses to help reduce regulatory uncertainty and time to market.
Founded in 2011 by entrepreneurs Roger Carson and Wayne Johnson, and operating from the UK, encompass is the creator of unique, innovative Know Your Customer (KYC) software for banking, finance, legal and accountancy that enable better, faster commercial decisions. The company is driven by the belief that the best decisions are made when people understand the full picture.
want to turn regulation compliance
in to a competitive advantage?
Contact us today to arrange your personalised consultation of encompass. Discover how our KYC automation software can help your business accelerate onboarding and give you peace of mind that you are regulator ready.