UK lawmakers have called for greater powers to be granted to the country’s Financial Conduct Authority (FCA) as the rapid rate of technological change stretches the boundaries of what it can do.
The Treasury Select Committee has today published a report and series of recommendations following an investigation into the work of the authority and the scope of its perimeter, which determines the line between regulated and unregulated activities.
It suggested that the FCA should be empowered to demand information from unregulated entities, as well as given the right to ask legislators to change the regulatory perimeter where appropriate.
Request a Free Trial
As a trusted source of regulatory intelligence for the global payments industry, we enable organisations to manage the growing volume and velocity of regulatory risk with confidence, empowering more informed and effective decision making, in an efficient and cost-effective way.Take a Trial