Treasury updates sanctions: Treasury has updated the sanctions lists in respect of Libya and Terrorist Financing. (Source: Treasury Updates Sanctions)
City Minister addresses Fintech audience: Andrea Leadsom, Economic Secretary to the Treasury, has spoken at the UK Fintech Industry Summit 2014. She gave an overview of the following initiatives by the UK Government and financial regulators to support the Fintech industry:
- the FCA's Project Innovate, which promises to adapt the regulatory system to new technology, rather the other way round;
- the creation of a new Payment Systems Regulator with Market Investigation Reference powers;
- the activity of the Financial Services Trade and Investment Board, which has identified financial technology as one of its big priorities;
- measures to open the field of SME finance to fintechs, such as facilitating access to SME credit data and matching SMEs seeking finance with new market players; and
- the activity of the British Business Bank and the Business Finance Partnership (BFP), the latter of which is focused on increasing lending to SMEs from sources other than banks.