FCA has published a feedback statement on its call for input on regulatory barriers to innovation in digital and mobile solutions. Respondents were keen to use new technologies but pointed out several barriers. Responses focused on six areas, which FCA plans to address by:
- considering the issues raised around communication and financial promotions when it feeds back to its recent discussion paper on smarter consumer communications;
- continuing to engage with Treasury and JMLSG to help them implement the Fourth Money Laundering Directive (MLD4), specifically the customer due diligence requirements, in a way that maximises its potential for digital solutions;
- seeking views of stakeholders on the implementation of the rerevised Payments Services Directive (PSD2) through industry engagement and a consultation on its current PSD Approach Document;
- hosting an event on payments in spring 2016 to further engage with stakeholders on key issues;
- exploring the issues raised in the financial advice market through the Financial Advice Market Review (FAMR); and
- addressing the issues raised on the use of third-party cloud providers through its current guidance consultation.
(Source: FCA responds on digital barriers)