UK and Canada buddy up for fintech businesses
The UK’s Financial Conduct Authority (FCA) and Canada’s Ontario Securities Commission (OSC) have signed a new co-operation agreement to help fintech firms.
The deal will enable fintech businesses in both countries to seek support from the financial regulators in each other’s market. It will also help reduce regulatory uncertainty and time to market for firms.
Christopher Woolard, executive director of strategy and competition at the FCA, says the deal is a “positive step towards promoting financial innovation” in both nations.
Firms have to be referred by their regulator before applying for a licence to apply in the new market, following which they’ll be assigned a dedicated team to help them understand the regulatory framework in the market they wish to work in.
The FCA and OSC have also committed to share information on emerging trends and regulatory issues pertaining to innovation in financial services.
By Soumik Roy, editorial contributor to Banking Technology
