FinTech Futures: Top five news stories of the week – 25 October 2024
Our pick of the top fintech news stories this week includes Afin Bank, Zip, Socure and more.
Prudential Regulation Authority
Afin Bank lands AwR banking licence, plots 2025 launch of mortgage offering for UK’s African diaspora
Afin Bank has now entered the mobilisation stage and plans to begin lending next year.
Revolut secures UK banking licence with restrictions, enters mobilisation stage
Revolut has been in pursuit of a UK banking licence since 2021, when it first lodged its application with the PRA.
UK challenger SilverRock lands banking licence with restrictions from PRA following £50m raise
The new bank says it plans to start lending “later this year”.
Citi fined £61.6m by UK regulators for “failures in its trading systems and controls”
The total penalty consists of a £33,880,000 fine from the PRA and a £27,766,200 fine from the FCA.
Griffin receives full UK banking licence and $24m investment to spur growth
The licence approval from the FCA and PRA ends the platform’s year-long mobilisation period.
UK regulators issue joint proposals to tackle risk of financial instability posed by CTP dependency
The regulators are accepting feedback and expect to publish final requirements by H2 2024.
Al Rayan Bank goes live with Confirmation of Payee solution from obconnect
The PRA directed the bank last year to instate a CoP system by 31 October 2023.
UBS to pay $388m in fines relating to Credit Suisse’s doomed dealings with Archegos
The US Federal Reserve has fined Credit Suisse $269 million, with the UK’s PRA issuing a further $119 million fine.
LHV lands UK banking licence from the Prudential Regulation Authority
LHV is the first company to receive a banking licence without restrictions in the UK in 2023.
Scottish challenger for SMEs Alba lands banking licence
The bank has been granted an Authorised with Restrictions (AwR) licence by the UK’s PRA and FCA.
PRA fines Standard Chartered £46.55m for reporting failures
The penalty is the PRA’s highest ever fine in a PRA-only enforcement case.
Chetwood Financial gets full UK banking licence and new cash
Alongside a new lending product launch.
UK regulators unleash new insurer start-up unit
Will help firms apply and get authorised for insurtech action.
UK regulators want banks to offer resilience brilliance
BoE, PRA and FCA call for feedback from firms and financial market infrastructures.
