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How to ensure that your digital banking start-up is fully compliant: New entry strategies to regulated markets from a UK perspective

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The banking sector is being disrupted by new FinTech start-ups who are looking to attract the new digital banking customer. To go to market, a start-up must ensure it is regulatory compliant and has received all necessary permissions. This is not an easy process and start-ups who are unfamiliar with the financial service industry may find the process confusing and overwhelming. However, the UK regulatory framework, albeit stringent, provides opportunities for financial innovation, with the UK regulator launching a number of initiatives to assist start-up firms. This paper discusses the challenges faced by FinTech organisations looking to enter the financial services industry and the options available to them, both in terms of the regimes available within the regulatory framework, such as the Appointed Representative or Regulatory Hosting model, and initiatives that offer support and guidance, like the FCA's ‘Regulatory Sandbox’ initiative. Compliance and regulation play a significant role within the financial services industry and organisations must embrace it to achieve a successful launch and receive the necessary permissions to enter the market.
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Keywords: FCA; appointed; compliance; regulation; representative; start-ups

Document Type: Research Article

Publication date: December 1, 2016

More about this publication?
  • Journal of Digital Banking is the major new professional journal publishing in-depth, peer-reviewed articles and case studies on how to develop a profitable, customer-focused digital banking strategy – specifically by using technology and automation to deliver efficient, secure and seamless customer experiences with lower operating costs.

    Each quarterly 100-page issue – published in print and online – will feature detailed, practical articles showcasing the latest strategic thinking on how to exploit new and existing digital banking markets, technologies and business models along with actionable advice and ‘lessons learned’ from fellow digital banking professionals on the key business, risk and operational requirements for putting that strategy into practice. It will not publish advertising but rather in-depth analysis of new thinking and practice at a wide range of financial institutions, financial technology innovators, central banks and financial regulators worldwide for readers to benchmark their organisation against, with every article being peer-reviewed by an expert Editorial Board to ensure that it focuses on the digital banking professional’s perspective, the challenges they face and how they can tackle them.

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