We understand that for FinTech start-ups, there is often a regulatory hurdle to be overcome before the firm can start operating in the UK: whether that is determining whether an exemption applies to the firm's activities, applying for FCA authorisation, or setting up appointed representative arrangements. This term of our FinTech Bootcamp is aimed at early stage start-ups, specifically:
The sessions will provide you with the opportunity to hear from our experts and to ask questions.
We hope you can join us.
Outsourcing is a key strategic tool for FinTech and financial services providers. Where technology or business processes are not supported in-house, successful partnerships with third-party providers enable firms to leverage emerging technologies and cost efficiencies. However, there is growing regulatory focus on outsourcing, the use of technologies like cloud computing, and the impact that this may have on operational risk and resilience.
Failure to implement appropriate arrangements for the resilience of business critical technology not only risks enforcement action against firms and senior managers, but can also threaten customer experience and brand. FinTech firms (whether users or providers of outsourced services) therefore need to manage this evolving regulatory landscape and be ready to seize any opportunities it may present.
Post-Brexit, the UK financial services regulators are presented with an opportunity to tailor UK regulation to better suit UK markets. The FCA recently said: "while change cannot always be predicted, what is predictable is that change will come. And quickly. There will be inevitable challenges, but also opportunities that we must embrace if we are to protect consumers and support open, competitive markets." But does this mean that we are heading for a bonfire of regulations, "Singapore-on-Thames", or something else?
In this session, we will conduct a stocktake of the current regulatory environment in the UK, and how this is likely to develop in the next five years.
With the UK having been granted 'adequacy' status for European data flows, this certainly addresses one issue. However, data export requirements to address Schrems II and preparing to migrate to the new SCC's will remain a key compliance challenge for 2021 and into 2022. The new AI Regulation proposal will also impact FinTech with a 'GDPR style' regime focussed on the use of AI technology which will be a real game changer for innovation and automation in FinTech.
We will break down these challenges and walk through them with practical tips to stay ahead of the data and technology regime change.
As FinTechs expand, founders will naturally look to recruit assistance. Hiring and firing is never simple, and in the financial services space we have the added complication of the Senior Managers and Certification Regime (SMCR) to contend with.
In this interactive session, we will cover those key points you need to be aware of when hiring or laying off staff, whether they are workers, consultants or employees, other key employment law considerations and how the SMCR applies to the employment relationship.
Senior Counsel – Knowledge
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