Fintech

Fintech

Fintech describes software and other technology implemented to support or enable banking and financial services. Often it is used in connection with innovative start-up companies seeking to improve upon and disrupt existing market practice, but it may equally be used with reference to legacy providers developing and using technology to remain competitive and relevant in delivering financial services.

The financial services sector is of particular significance to the UK economy and, in August 2014, the then Chancellor George Osborne declared his intention to make Britain the global centre of financial innovation and announced measures to support the growth of the country’s fintech sector:

‘It’s only by harnessing innovations in finance, alongside our existing world class knowledge and skills in financial services, that we’ll ensure Britain’s financial sector continues to meet the diverse needs of businesses and consumers here and around the globe, and create the jobs and growth we all want to see in the future.’

This fintech subtopic explores the nature of these emerging innovative technologies, the regulatory framework governing them and the supporting measures seeking to promote their benefits to financial service providers and consumers.

EU

To view the latest version of this document and thousands of others like it, sign-in with LexisNexis or register for a free trial.

TAKE A FREE TRIAL

Latest Financial Services News

FCA announces compensation distribution for Asset Land investors

The Financial Conduct Authority (FCA) has announced compensation distribution for Asset Land investors. This follows legal actions taken against Asset Land companies and their directors, David Banner-Eve and Stuart Cohen, following an investigation into unlawful activities in 2012. After a trial and multiple appeals, the defendants were ordered to pay £21m for the benefit of affected investors. Due to non-payment, further steps led to the compulsory liquidation of the companies and the bankruptcy of the directors. The joint liquidators have concluded the insolvency proceedings, resulting in some funds being paid from the sale of remaining assets. Additional settlement payments from other defendants have been received, and these funds, along with those from the liquidators, will be distributed to eligible investors, subject to High Court approval. The distribution is expected to begin in the first half of 2025 although the amount returned will be limited. Investors who have not yet been contacted are urged to get in touch with the FCA by 25 March 2025.

FCA bans former Credit Suisse executives following US criminal convictions

The Financial Conduct Authority (FCA) has banned Andrew Pearse and Surjan Singh, former managing directors at Credit Suisse, from the UK financial services industry due to their lack of integrity. This action follows their US convictions for arranging corrupt loans to the Republic of Mozambique. In July 2019, Pearse pleaded guilty to conspiracy to commit money laundering and wire fraud, admitting to accepting over $US 45m in unlawful kickbacks. Similarly, in September 2019, Singh pleaded guilty to conspiracy to commit money laundering, having accepted $US 5.7m in unlawful kickbacks. In October 2021, the FCA fined Credit Suisse over £145m as part of a $US 475m global settlement for serious financial crime due diligence failings related to the $US 1.3bn loans arranged for Mozambique, which were tainted by corruption. Additionally, Credit Suisse agreed to write off $US 200m of Mozambique's debt.

FOS reports 40 percent rise in Q3 2024/25 complaints compared to Q3 2023/24 amid surge in motor finance cases

The Financial Ombudsman Service has reported receiving over 68,000 complaints from consumers and small businesses, between 1 October 2024 and 31 December 2024, which is a slight decrease from the previous quarter but a 40% increase on complaints received in the same period in the previous financial year (2023/24).

Financial Services—other developments (4/3/2025)

A round-up of other developments, which have not been covered in full by the LexisNexis Financial Services practical guidance team but may nevertheless be of interest.

View Financial Services by content type :

News