Latest crowdfunding news

Be Prepared! FCA Concerned For SMEs Post-Brexit




Following yesterday's news of a Financial Conduct Authority (FCA) helpline for the peer-to-peer (P2P) sector, come reports that the FCA is concerned about the sectors lack of preparedness for a hard Brexit amongst SMEs.

Financial firms not prepared appropriately for a no-deal Brexit may risk an impact on their business, according to an update from the The Financial Conduct Authority (FCA).Brexit will result in the loss of passporting for UK firms doing business in the EEA. Whether firms need regulatory permissions to continue to do business in an EEA country will depend on the activity they are carrying on, the local law and the approach of the local authorities in that jurisdiction.With the 31 October deadline approaching fast the UK regulator has increased its efforts signposting - digital adverts - its Brexit advice. The FCA is urging all firms to consider the implications of a no-deal exit and is particularly relevant for firms that:
  • are a UK business which does any business in the EEA
  • passport into the UK and have not notified the FCA for entry into the Temporary Permissions Regime
  • have consumers in the EEA
  • transfer personal data from the EEA
Nausicaa Delfas, Executive Director of International at the Financial Conduct Authority said:'The FCA has undertaken significant work to prepare for the UK's departure from the EU. We have published extensive informatio

READ MORE

Latest from our blogs

FCA's 10% P2P Proposal - Show The Ferret To The Nest Egg...




Question: When is advice not advice? Answer: When it comes from the Financial Conduct Authority (FCA).Let's start with a little context. There's been a greater focus on the peer-to-peer (P2P) sector from commentators and regulators, following the lamentable failure of the P2P platform, Lendy. Lendy's collapse was linked – completely unfairly – with a number of problems experienced by investors in unregulated investments. That scene was set by the London & Capital Finance debacle, followed by a slew of other similar but unrelated failures (unless you count the role of the regulator – which many disgruntled investors do).

Measures are prudent and welcome

It's in the light of the difficulty the FCA found itself in that we should consider the regulator's announcement of a new limit on investor exposure to P2P assets, the loans facilitated on this and other P2P platforms. Investors should not commit more than 10 per cent of their portfolio to P2P is the broad thrust of the proposition. It comes amid a drive towards greater transparency in reporting defaults and bad debts in platforms' loan books, more scrupulous risk management requirements and clarity on dealing with wind-downs in the event of a platform failure.That's right and proper. P2P is a young and fast-expanding sector of financial technology, and these measures are as prudent as they are welcome.

The necessary implication is that the fund was previously actively deemed suitable for investors

  • The 10 per cent figure though is in fact not so much a limit as an aspiration

    READ MORE

More news

2019
SeptemberAugust
July
June
May
April
March
February
January
2018
DecemberNovemberOctoberSeptemberAugust
July
June
May
April
March
February
January
2017
December
November
October
September
August
July
June
May
April
March
February
January
2016
December
November
October
September
August
July
June
May
April
March
February
January
2015
December
November
October
September
August
July
June
May
April
March
February
January
2014
December
November
October
September
August
July
June
MayMarchFebruary

Search news

You may put double quotes around your search to search for literals. Max. 4 words inside quotes (dashed words count as one word).

Allowed symbols: " ' & -

More from blogs

2019
2018
2017
2016
NovemberOctoberSeptemberAugustJulyJuneMayMarchFebruaryJanuary
2015
DecemberNovemberSeptemberAugustJulyJuneMayAprilMarchFebruaryJanuary
2014
DecemberNovemberOctoberSeptemberAugustJulyJune

Search blogs

You may put double quotes around your search to search for literals. Max. 4 words inside quotes (dashed words count as one word).

Allowed symbols: " ' & -




Disclaimer: Money&Co.™ is the trading name of Denmark Square Limited, Company Number 08561817, registered in England & Wales, authorised and regulated by the Financial Conduct Authority (FCA). The company is identified on the Financial Services Register under Reference Number 727325. The registered office is 58 Glentham Road, Barnes, London, SW13 9JJ where the register of Directors may be inspected. Denmark Square Limited (ISA manager reference number Z1932) manages the Money&Co. Innovative Finance ISA.