CCR Magazine

CCRi banner ad
You are here  :Home arrow News arrow New Bank Entry Regulatory Support Aligns with Entrepreneurial Spirit and Digitisation
Contact Us Newsletter Signup RSS Feeds

Latest News Headlines

Headlines

 
Commercial Credit News

Headlines

 
New Bank Entry Regulatory Support Aligns with Entrepreneurial Spirit and Digitisation PDF Print E-mail
Friday, 22 January 2016

In a move designed to enhance competition in the banking sector, the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) have come together to launch a new unit dedicated to making is easier for new banks to get off the ground, the New Bank Start-Up Unit.

Reflecting on what it sees as an important signal of intent as well as action by the UK’s key financial regulators, James Powell, Executive Vice President at specialist financial software provider Sword Apak observes: “Since Metro Bank became the UK’s first new bank for 150 years when it launched in 2010, there has been a steady trickle of new bank entrants, with 13 new banks joining the market since April 2013. This latest move is a clear signal that the UK’s financial regulators want to help increase the number of new players to enhance both competition and innovation by harnessing the emerging technologies and entrepreneurial spirit that are gaining increasing momentum in the fintech sector.” Technology in all its forms is having a significant impact across all business areas. Even modestly sized organisations can play on the global stage of business and the banking sector is certainly not immune to this change. In banking, one of the key challenges for potential entrants is plotting a path through the regulatory environment. At the same time, regulators are working hard to navigate how to accommodate the emerging technology, tools and consumer usage approaches that digital banking can offer. This new unit stands to be a two-way benefit. Powell reflects: “Parts of the current banking regulation were designed in an analogue environment. What is evident is that this latest move and through other areas of industry engagement, our regulators are working hard to embrace the impact of digitisation. Day-to-day consumer banking has moved online, accessed through smartphones and tablets. In this new world, even simple areas of regulation, such as how to display a representative loan example in a compliant manner, come up for serious debate. Through our own banking software development process, we know the regulators want to embrace the new technologies that enhance customer centricity. This latest move has the potential to be an additional platform to bring innovation, digitisation and financial regulation together.”
 
CCRI
3 October - Guoman Tower Hotel, Central London 

CCRInteractive, in association with Marston Holdings , is the largest and leading one-day conference from the publishers of CCRMagazine – a truly national and international event for the credit industry.

This landmark event allows delegates to: Learn best practice of how to increase profitable sales in today’s economy. Understand the key compliance issues and how they will impact upon you. Discuss the legislative and regulatory framework and how it will effect you. Consider the potential effects of Brexit on your business. Discover the latest innovations in the market to improve your collections. Motivate your staff to achieve ever improved results.

To book to attend in 2017, contact Stephen Kiely  or Alison Lucas. To find out more about being part of this landmark event, please contact Gary Lucas
CCRI 

 Forums International Ltd

Forums International Ltd

 Attendance at your first meeting is free of charge, and please quote reference 'CCR2016' to receive the special 10% discount off of your first annual subscription.

Find out more here.

latest issue

CCR Cover

The latest edition of CCR Magazine, the leading editorial publication in the UK credit industry, is out.

Read the latest issue online

The Credit Excellence Awards

Awards 

Tuesday 3 October - Guoman Tower Hotel, Central London


Do not miss your chance to meet and network with the Winners and Finalists at the Credit Excellence Awards, in association with Hoist Finance.


To book your place to attend, please contact Alison Lucas.


subscriptions

CCR is the premier magazine for consumer and credit professionals. It provides an independent voice to the industry, breaking major news stories and running in-depth features.

As a magazine, it works with and campaigns on behalf of the credit industry to promote its importance as a centre of potential profit and business development to the wider business world.

Subscribe to CCR Magazine

CCR World Magazine


 

Providing information and analysis for thousands of senior credit professionals worldwide, every quarter.

Find out more

GTS Media Ltd
81 Cambridge Road
Southend-on-Sea
Essex
SS1 1EP

Registered in England No: 05483197